Money Saving News for August 2009
- Swap rate decline not reflected in fixed-rate mortgages - 26th August, 2009
The interest on fixed-rate mortgages is still high despite a recent reduction in the cost of funding swap rates, according to new research.
Carried out by Moneyfacts, the study showed that typical two-year swap rates are now at 2.04 per cent, while fixed-rate mortgages are still being offered at an average of 5.18 per cent, indicating a discrepancy of over three per cent... - Young people driving without vehicle insurance - 26th August, 2009
Young car owners are taking to the road without vehicle insurance, a new study has found, despite the fact it is illegal to do so.
A new report by the Motor Insurers' Bureau (MIB) shows that one in five young people are driving without vehicle insurance, amounting to a total of 243,000 motorists on UK roads without protection from a policy provider... - Home contents insurance advised for festival-goers - 25th August, 2009
Those rounding up this year's festival season with the summer events of Leeds and Reading this weekend (August 29th-31st) should take out home contents insurance to protect their belongings while enjoying their favourite bands.
Research by the Post Office shows that 39 per cent of Brits have been or are planning to go to an outdoor event such as a festival, taking up to £600-worth of equipment and cash with them, which it advises can be protected with home contents insurance... - New car finance needs to spark rise in personal loans - 25th August, 2009
More people will be looking for new car finance options such as personal loans when firms introduce their models for 2010 in September, according to one expert.
Writing for the Independent, Andrew Hagger from Moneynet.co.uk said that in order to afford a new car, finance choices like a personal loan will become more popular, providing the necessary cash to splash out on an up-to-date vehicle... - Home mortgage regulations 'unnecessary' - 24th August, 2009
The Association of Mortgage Intermediaries (AMI) has criticised a new report by the Financial Services Authority (FSA) which recommends the application of further regulations to stop the negative influence of foreign markets.
According to the FSA, subprime home mortgage lending needs to be curbed through additional legislation which prevents banks from giving money to those who cannot afford to pay it back... - Mortgage lenders see increased business - 21st August, 2009
A new report from the Council of Mortgage Lenders (CML) has shown that borrowers took out a higher number of housing loans in July than the previous month.
Gross mortgage lending in July was 26 per cent up on figures for the previous month, with an estimated £16 billion being taken out to finance the purchase of a new home or remortgage an existing property... - Home contents insurance recommended for new students - 20th August, 2009
Many sixth-form students will be hoping that they get a place at university today (August 20th) as their A-level results are published, but one home insurance firm has offered them advice for their September preparations.
Home contents insurance provider Saga warns that with iPods, TVs, stereos and laptops, halls of residences are popular places for burglars and soon-to-be students may be too busy having fun to remember to protect their belongings... - Expert advice to find the best savings accounts in the UK - 19th August, 2009
An expert has told consumers looking for a good deal on a savings account in the UK to make sure they check out all the features of a product before they commit to it.
Writing for MSN Money, moneysupermarket.com spokesperson Felicity King-Evans said that while the headline rate should be one deciding factor when choosing a savings account, other features may cut costs even further... - Car insurance providers raise third party cover - 19th August, 2009
Young drivers hoping to reduce their premiums by choosing third party cover over more comprehensive car insurance may be surprised to find out that premiums are higher for the former.
New research by moneysupermarket.com has shown that the average cost of a third party policy from a wide range of car insurance providers has risen in recent times due to its popularity among young people... - Car insurance provider launches vandalism cover - 18th August, 2009
Car insurance provider Saga, which specialises in motor cover for over-50s, may have put elderly drivers' minds at rest by announcing an extension to its vandalism protection on its policies.
The British Crime Survey report for 2008 showed that one-third of people over 50 in the UK are concerned about damage their car might receive through vandalism and it recorded 1.7 million separate instances of the crime in the year...