Brace yourselves for 2009

Story link: Brace yourselves for 2009

How much longer can the Government afford to keep the banks afloat though, as bad debt is hardly likely to decrease in the New Year?
Personally, I don’t feel banks can keep them selves afloat for at least 12 months, which means the Government needs to have deep tax payers. This cost will be passed onto [...]

Car Maker Loans

Story link: Car Maker Loans

Lets hope that something does come of this and that both parties involved can stabilize their operations financially otherwise we could be seeing a mass of unemployment over in the US, not to mention the amount of suppliers that would be directly affected.
Car Maker Loans
Emergency loans for two of the nation’s top automakers didn’t materialize [...]

Cut your debts

Story link: Cut your debts

Its only natural that people that have lent money will want to pay it off as soon as possible as job security slowly disappears for the whole of the UK.
What I do wonder though, is if borrowers lent money when they had secure incomes coming in, how can they pay it off if there is [...]

Mortgage Approvals down, down, down

Story link: Mortgage Approvals down, down, down

Its not really the time of year for purchasing houses, so of course the approvals are going to be down on last months, but it would be interesting to see what the approval rates were this time last year.
Mortgage Approvals down, down, down
The number of mortgages approved for home purchase slumped to a fresh record [...]

Britain is doomed…

Story link: Britain is doomed…

Not exactly as the title suggests, but the UK economy is running out of cash at a record rate, but is still making the best effort to lend more.
How much longer can this type of lending and spending be sustained?
Britain is doomed…
Britain’s running out of money. Yesterday’s government borrowing figures – the worst in at [...]

100% Mortgage from the taxman

Story link: 100% Mortgage from the taxman

Maybe if banks started lending they wouldn’t have to go to such drastic measures. They are freezing people out of the housing market, which are currently the only people that could keep them in business.
100% Mortgage from the taxman
The 100 per cent mortgage is on the way back as taxpayers’ money is used to tempt [...]

Low risk borrowers are high risk

Story link: Low risk borrowers are high risk

Mortgages were most likely take out a good couple of years ago, when the borrowers were deemed by the lenders to be extremely financially stable. A few job losses and a global credit crunch later and it seems that everyone is deemed unstable by the lenders.
Low risk borrowers are high risk
The study by ratings agency [...]

Personalised Loans

Story link: Personalised Loans

All this means for Nationwide is that they will see an increase in applicants with high credit ratings, as they are likely to get the best possible interest rate, while people with a lower credit rating will tend to get a generalized quote elsewhere, as its more likely to be within their budget.
Personalised Loans

Nationwide has [...]

Brits are worried about debt

Story link: Brits are worried about debt

I think a very scary age to be at right now is falling into retirement, so in the 50 years+ bracket. A lot of individuals within this bracket have been expecting to rely on their equity in their home, to pay off the excess left on a mortgage, and potentially a few other debts as [...]

Loans get more expensive

Story link: Loans get more expensive

There are a few scenarios that are likely to take place over the next 12 months or so.
The banks will be forced into trading via a code of conduct, which will be enforced by the Government and the BBA.
Borrowers will gain strength in a weak market, and will be able to find better deals than [...]