March 28, 2008 at 4:38 pm
· Filed under consumer, in the news, real estate
Two articles in today’s English Daily Mail suggest the growing credit/housing crisis is spreading from the US to GB.
Despite recent reductions in the Bank of England’s interest rate “Now families face £1,300 a year mortgage increase” reports that mortgages are actually rising by substantial amounts. Those coming to the end of fixed-rate and discounted deals are likely to be hit particularly hard. If you find yourself in this situation, shop around carefully for a new deal, taking account of any exit and “arrangement” fees. And if you are finding it difficult to keep up with payments, speak to your lender as soon as possible. Remember, lenders wish to avoid foreclosure as much as borrowers, and will often try to find a way for you to keep your home. Read the rest of this entry »
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March 18, 2008 at 5:10 pm
· Filed under consumer, in the news
BBC News reports a father and daughter have been accused of a $70 million share scam. The pair are suspected of conning some 15,000 UK residents (mostly seniors) into parting with cash for worthless stock in dormant companies.
So-called boiler room scams are all too common. It’s rare for the perpetrators to be caught, and even rarer for victims to get their money back. Read the rest of this entry »
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March 11, 2008 at 3:56 pm
· Filed under Debt, financial planning, in the news
Recent research by the UK Skipton Building Society has dubbed under 35s the TISWAS (Thirty Something Without Any Savings) generation.
Supporting what’s already known about spiraling consumer debt and related problems the key findings were:
 * 18% spending more than they earn
 * 20% having no savings at all
 * 53% not paying into a pension plan
 * Debt repayment forms their biggest outgoing after housing
Recognize yourself? If so, read on… Read the rest of this entry »
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March 5, 2008 at 4:48 pm
· Filed under consumer, real estate
The question of whether to rent or buy might sound like something of a no-brainer, but are there any circumstances in which renting is preferable to owning?
Let’s begin with a brief reminder of the benefits of ownership.
Although paying a mortgage can initially be more expensive than renting, over time it becomes relatively cheaper as wages and prices in general rise but repayments stay more or less constant (they can fluctuate with interest rates but can go down as well as up). And of course on happy day the mortgage will be paid off and your home will be all yours. Read the rest of this entry »
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