More than seven millions British adults have fallen victim to card fraud, according to a new report
Tag: Loans
MoneyExpert: New Type Of Home Loan ‘may Grow In Popularity’
A new kind of homeowner loan designed for consumers with poor borrowing history could become increasingly popular in the UK, despite being more expensive than standard mortgages, it has been claimed.
Bad credit mortgages are aimed at people who have been rejected by major lenders due to missed repayments or CCJs.
The Council of Mortgage Lenders (CML) predicts that the popularity of these homeowner loans will rise in relation to the fact that many households are facing significant financial difficulty, sometimes through failing to compare loans and find the best rates.
“At any point in time there is a substantial minority of individuals who cannot access mainstream financial products,” states Bob Pannell, head of research and information at the CML.
“The provision of adverse credit products helps such individuals get into or sustain homeownership and in many cases gives borrowers an opportunity to re-order their finances.”
The CML is confident that bad credit mortgages will play a key “rehabilitating” role for those with short term financial problems.
With rising interest rates the number of homeowners remortgaging in the UK has dipped to its lowest level since 2001. CML figures show that remortgaging accounted for 30 per cent of the overall mortgage market in September 2006.
MoneyExpert: Clampdown On IVAs ‘could Encourage Debtors To Consider Loans’
Creditors involved in individual voluntary arrangements (IVAs) are increasingly cracking down on the amount of money set aside for emergencies, it has been claimed, which could encourage some people to take out additional loans from other sources.
Scotsman: Mortgage Plus Offers Up To 125%
HBOS has become the latest lender to let borrowers combine a secured mortgage and unsecured personal loan to borrow up to 125 per cent of a property’s value.
MoneyExpert: Charge Introduced For First Direct Current Accounts
It has been announced that first direct is to charge customers who hold a current account or cheque account with the bank.
MoneyExpert: Treasury Committee Aims To Provide More “affordable Credit”
A number of issues have been outlined in the Treasury committee’s twelfth report of this year’s session.
Motley Fool: Warning Signs For Homeowners!
Every month, figures from the Bank of England show that the UK’s mortgage debt continues to soar. Here’s how it’s exploded over the past decade:
This Is Money: MPs Call For Curb On Loan Sharks
Ministers were urged by MPs today to crack down on ‘loan sharks’ who exploit the poorest and most vulnerable elements of society
Motley Fool: Is Free Banking Doomed?
Only yesterday, in Your Credit Cards Need £1 Billion, I warned that credit-card issuers are looking for ways to make more money from the UK’s 32 million credit card holders. Today, current accounts are under the cosh, as telephone and internet bank First Direct announces that it is to introduce monthly fees from 1 February 2007 for some of its current-account customers.
MoneyExpert: CML: Remortgaging At Five-year Low
Remortgaging in Britain is at a five-year low, according to new figures released by the Council of Mortgage Lenders (CML).