Money Saving News for August 2009
- Expert gives tips on cheap loans - 18th August, 2009
The low base rate had yet to make any impact on the personal loans market until Nationwide announced its 7.7 per cent offering last week, but for those wanting to look elsewhere, one expert has offered some advice.
Writing in the Independent, financial journalist Victoria Bischoff said that cheap loans may now come onto the market thanks to the Nationwide deal, but borrowers should still shop around to see if they can get a more suitable offer elsewhere... - Millions lack the mortgage finance to move home - 17th August, 2009
Independent adviser John Charcol has said that there are millions of UK homeowners who cannot move to a new property because of a lack of finance options from mortgage lenders.
Some 3.5 million people, around one-third of all home mortgage holders in the UK, are currently finding that lenders will not provide them with the subsidies they need to get out of their existing property, the broker said... - High interest savings accounts provide incentive to save - 17th August, 2009
Those with some extra cash to put away at the moment should be looking to make the most of a high interest savings account, according to one financial advice website.
moneysupermarket.com believes that, although the Bank of England's base rate is at an all-time low of 0.5 per cent, interest on savings accounts has been rising over the past month or so, with the top five products offering 3.11 per cent on average... - Cities with most home contents insurance claims revealed - 17th August, 2009
A new study has shown the areas of the UK which have seen the greatest number of home contents insurance claims relating to theft over the past 12 months, and London and Nottingham are the most affected.
According to moneysupermarket.com, those experiencing the highest levels of burglary, as calculated through the volume of home contents insurance claims received by the firm, also include Yorkshire and the rest of the south-east... - Short-term 'the way to go' with fixed-rate savings - 13th August, 2009
Financial advice website Moneynet.co.uk has offered those debating whether to take a fixed-rate savings account for the short or long-term some advice on which option is the best at the moment.
Research by the site shows that locking away £50,000 into a five-year fixed-rate savings account in the UK when the base rate first dropped to its lowest level of 0.5 per cent would have left the customer £7,000 worse off than if they had invested their money eight months earlier... - Children's bank account unveiled by Principality - 12th August, 2009
Principality Building Society have announced a new children's bank account offering interest of five per cent.
The Dylan's Children's Regular Saver can be opened with a deposit between £10 and £150, but payments must be kept up every month to keep the account active, a move which Principality believes can teach youngsters good savings habits.
Kids can also boost their pocket money, research into which shows that today's youngsters have £6.32 a week to deposit into their children's savings accounts, to be accentuated with the product's market-leading interest... - Mortgage lenders' arrears charges 'outrageous' - 12th August, 2009
A financial advice website has claimed that the level of charges attached to banking services for those in arrears on their home mortgage is unacceptable.
According to moneysupermarket.com, mortgage lenders are doing nothing to help borrowers whose debts are spiralling out of control and are even making their situation worse by piling on more fees... - Tips on how to get cheap home insurance offered - 11th August, 2009
Home insurance customers looking to get the best deal on a new policy have been handed some advice by one financial website.
Money.co.uk gave a run down of the ten best tips for households to make sure they get a cheap home insurance deal to protect the items in the their property and the building itself.
Most firms offer a renewal quote once the policy comes to the end of its term, but the website recommends looking elsewhere before blindly accepting the first offer, as households may be able to find cheap home insurance elsewhere... - Home mortgage deposits rise due to credit crunch - 11th August, 2009
New research has found that first time buyers are paying more upfront for a home mortgage because lenders have decreased the loan-to-value ratio of products in the past two years.
According to Moneyfacts, in August 2007 the average loan-to-value being offered was 91 per cent, but 24 months since the credit crunch began this figure has dropped to 74 per cent... - Treasury calls on mortgage lenders to help debt sufferers - 10th August, 2009
A new report by the HM Treasury Committee has called on mortgage lenders in the banking sector as well as the Financial Services Authority (FSA) to help those with spiralling debts due to home loans.
Research by the government organisation shows that more people are suffering from mortgage arrears and repossession of their homes because they are struggling to keep up with repayments in the tough economic climate...