British public prioritise mobile phone bill over mortgage, claim O2
February 8, 2009
According to O2, the largest mobile phone operator in the UK, the British public are more likely to pay their mobile phone bill than their mortgage. This is because the UK public consider their mobile phones more important than their mortgages, as they cannot live without their mobiles.
The UK boss of O2, Ronan Dunne, claims that the 19 million people who use O2 in the UK consider their phones as vital parts of their lives.
According to O2:
Research shows that people would sooner leave home without their wallet than without their mobile. There are bills that do not take priority over a mobile phone, including for some even their mortgages.
But if people find themselves in difficulty Read more
Abbey popular for mortgages
February 7, 2009
The Abbey claims it nabbed 1 in 4 of all new mortgages given out last year, increasing its share of the mortgage market. Only 8 per cent of new mortgages went through the Abbey in 2007 compared to over 28 per cent in 2008.
As rivals such as Northern Rock have reduced their range of mortgage products, the Abbey, owned by Spanish banking group Santander, has taken advantage of this and seen a huge increase in the number of savers turning to the bank too.
Thanks to the government Read more
Bank reaction to Bank of England rate cut
February 6, 2009
As was predicted by many, this week the Bank of England’s Monetary Policy Committee (MPC) has cut the interest rate yet again, from the 1.5 per cent to just 1 per cent.
This is a record low and means that in less than twelve months, interest rates have dropped by over 4 per cent.
Many of the major lenders in the UK, including the likes of HBOS, Woolwich and Nationwide, have taken an immediate decision to pass on this interest rate cut in the mortgage’s standard variable rate (SVR), which will be great news for anyone on their variable rate mortgages Read more
Should I overpay my mortgage?
February 5, 2009
As previous articles have shown, there are currently a lot of people with a mortgage who are making overpayments on their mortgage. As the figures demonstrate, by overpaying your mortgage you can save thousands of pounds and shave years off your mortgage, and Lloyds TSB has noted that anyone who tooka variable rate mortgage out with Lloyds TSB in 2007 and continued to maintain their existing monthly mortgage repayment at the same level as it was in December 2007 would have decreased their mortgage term by 11 and a half years!
However, with Read more
Green light for local council mortgages
February 4, 2009
Council leaders were pleased this week when the government effectively gave the green light for local authority mortgages by cutting the minimum interest rate that the councils must charge on a mortgage.
The Department for Communities and Local Government cut the minimum interest rate from 5.07 per cent to 3.93 per cent on Monday, which means the local authorities can compete with the mortgages offered by banks and building societies.
From the 1960′s through to the 1980′s council mortgages used to be a popular way of securing a home loan, or mortgage, but in 1985 Read more
Call for interest rates to stay the same
February 3, 2009
As discussed in recent articles, this week the Bank of England’s Monetary Policy Committee is expected to make its fifth consecutive interest rate cut in as many months, reducing the interest rate from its current 1.5 per cent to just 1 per cent or possibly even lower.
The Building Society Association (BSA) has this week released a statement requesting that the Bank of England does not make any further rate cuts as the cuts are harming savers, in particular it is harming Read more
Bank of England could increase monetary supply
February 2, 2009
As reported in yesterday’s article, this week the Bank of England’s Monetary Policy Committee is set to meet this week to determine how best to assist the economy. Rumours are rife that the MPC is likely to reduce the interest rate to just 1 per cent, which will Read more
Pay just eight pence per month for your mortgage?
February 1, 2009
With the credit crunch hitting many families hard, unemployment rising and the country in the grip of recession, many are having trouble with their mortgage payments. This doesn’t apply to customers of C&G who took out tracker mortgages in July 2007 however, as they’re poised to enjoy a mortgage repayment of just 8p per month. This is as a result of the generous loan terms that were offered by banks just before the credit crunch began last year.
The bizarre situation could get worse as some borrowers could technically demand payment from their lenders if they follow the fine print on their mortgage Read more
