Ten years ago equity release was an afterthought and for those already retired, with 70 being the average age of a typical customer. The main reasons for this was that the majority retiring at this time would be 65, have reasonable final salary pensions and would take their tax free cash. During the years that followed they would use the tax free cash to subsidise…
Recent research from the British Bankers Association revealed that mortgage approvals hit their lowest level since their records began in 1997, with less than 28,000 mortgages for homebuyers approved in May 2008 — a figure nearly 60 per cent lower than the same period in 2007. This figure was also 20 per cent down on April and experts are warning that things are only set…
Up until 2007, 100% mortgages were commonplace; in fact, 110% and 120% mortgages were also available, but since the credit crisis struck lenders have become a lot more strict with their lending conditions, with 75% LTVs (loans to value) becoming more and more common. But, with the average house price teetering around the ?185,000 mark and the cost of living on the rise, how is…
The number of people being forced to take out high interest, short-term loans has risen by more than 130 per cent since August 2007; a figure which analysts say is evidence that the effects of the global credit crunch are showing no signs of easing. Short-term loans, also known as payday loans due to the fact that people usually take them out to bridge the…
Amidst today’s economic uncertainty, many people have had to start looking at ways of making the most of their money. But before doing anything, finding a way to make sure that these finances are well managed and looked after is a must; perhaps through a suitable bank saving account. But with so many options when it comes to choosing a savings account, it can seem…
The internet has perhaps had more influence on modern culture than anything else. It has shaped the way the entire world interacts and communicates with each other and it enables a far greater level of autonomy, as people no longer have to rely on ‘specialists’ to take care of their personal business. Whilst once upon a time it was the norm to use a travel…
When making a substantial investment — perhaps a house or a car — the majority of people need to take out a mortgage or a loan to help cover costs. This may be a cause of worry; after all what happens if your income changes? Will you be able to keep up the repayments? Do you fully understand all the technical jargon? When you plan…
Much of modern life centres on the notion of ‘living for today’ and not worrying too much about what tomorrow may bring. And to an extent, this attitude is based on sound principals given that much of what the future holds is completely outwith our control anyway. But it’s for this very same reason that it’s equally unwise to live purely for the moment. Many…
Spending can be too attractive for many of today’s earners. After waiting for those agonising few days prior to pay-day, desperate for a new pair of shoes, a big night out or a new TV, it can be hugely tempting to splash out – however counter-productive that may be. It can also be very easy to develop a habit. Once a spender relies on habitual…
The potential fall-out from the credit crisis has prompted many UK savers to increase their personal savings balances and also to reduce the amount that they withdraw in order to protect themselves from any unexpected adverse changes in their financial circumstances. This precautionary measure is not only providing some comfort for those worried about a possible downturn in the economy, it is also helping to…