Consumers considering a personal loan are being advised to shop around for the best rate when using the money for purposes such as cosmetic surgery.
Tag: Loans
MoneyExpert: Barclaycard: Debts Of £1.5bn To Be Written Off
Credit card provider Barclaycard said it expects to have to write off around £1.5 billion of debt defaulted by customers this year.
This Is Money: Crackdown On Doorstep Loans
Doorstep lenders must open up their books in an attempt to increase competition in the home credit market and drive down prices for consumers
Motley Fool: The Last Of The Low-Rate Loans!
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This Is Money: Homeloans At Highest Level In Three Years
More new homeloans were taken out in October than in any month since late 2003 according to official figures released today
This Is Money: Poor Credit Borrowers ‘misled’
Mortgage brokers specialising in advice for those unable to get mainstream homeloans have been misleading customers with inaccurate information
Motley Fool: Beware Of The Cashback Loan
Over the weekend, during a friend’s birthday party, I was chatting to a chap who seemed to be obsessed with money. Now, I’m often accused of being obsessed with money – it is my job to write about it, after all – but this guy was one of those ‘Know-It-All’ types and he really took the biscuit!
MoneyExpert: Newcastle Building Society Introduces New Fixed-rate Mortgage
A new five-year fixed-rate mortgage product has been launched by Newcastle Building Society.
The new mortgage is available up to £500,000, offering a 95 per cent Loan to Value. Newcastle hopes that the product will appeal to those who are uncertain about future interest rate rises.
“This product offers buyers the opportunity to fix their repayments for five years with the certainty that there will be no change; regardless of Bank of England decisions,” explains Steve Urwin of Newcastle Building Society.
Fixed-rate mortgages have proven popular in light of a rising interest rate, which currently sits at five per cent. Borrowers opt for these types of mortgage to avoid the risks of future interest rate hikes.
However experts speculate that fixed-rate deals are set to fall in popularity at the expense of cheaper variable rate deals, as consumers look for the best mortgage rate.
Figures indicate that the average mortgage fixed interest rate was 5.24 per cent in September, the highest level since June 2005.
MoneyExpert: BBA Reports Strong Mortgage Borrowing
The British Bankers’ Association (BBA) is reporting strong levels of mortgage borrowing into the end of the year, comparatively higher than like figures for 2005.
According to BBA reports, gross mortgage lending in October was £18.9 billion, six per cent higher than in September and eight per cent higher than in October 2005.
These figures are indicative of continued buoyancy in the UK housing market with strong demand for properties and high mortgage approval levels.
To this end, the BBA also found that over 198,000 mortgages were approved in October at a total value of £21.8 billion, 15.5 per cent more than last year.
BBA director of statistics David Dooks comments that activity in the UK housing market might not have increased significantly since 2005, despite high borrowing levels – which will have included those looking for the best mortgage rate.
“The secured lending market undoubtedly remains robust, but after discounting price growth, lending volumes are not dissimilar to the same time last year,” he explains.
“October’s loan approvals were boosted by remortgaging, as customers look to fix or reduce their mortgage costs, but this activity, with customers changing their lender, has no significant effect on net lending marketwide.”
This Is Money: Mortgage Fees Rocket By 125%
The cost of applying for a mortgage has soared with the average fee for a new homeloan rising from £281 to £634 over the past three years