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- Consumer website calls for drop in mortgage rates - 3rd December, 2008
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A leading consumer website has called for "a root and branch reform of UK banking" and said that mortgage rates should fall.
Despite the Bank of England's cut in the base rate of interest, banks have been justifying not cutting the rates on their standard variable-rate mortgages by saying that the London Interbank Offered Rate (Libor), at which banks lend to each other, is too high... - Property slump 'leaves pensioners feeling the pinch' - 1st December, 2008
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A study released today suggests that many pensioners could see the value of their retirement funds reduced because of the recent falls in property prices.
The research, conducted by uSwitch.com, reveals that 1.7 million people approaching pension age are relying on property to fund their retirement, but recent house price falls could leave them seriously out of pocket.
Average house prices have dropped by over 14 per cent in the past year according to uSwitch.com, a slump which has taken almost £30,000 off the value of the average house.
Ann Robinson, director of consumer policy at uSwitch.com, said: "The economic slump has certainly scuppered the best laid plans of people nearing retirement.
"Consumers are faced with falling house prices coupled with a stock market crash and low savings rates."
Last week pensions expert Dr Ros Altmann said that the baby-boomer effect could put serious pressure on state-funded pensions as the proportion of the UK's population over the age of 65 rises dramatically after 2010... - Nationwide welcomes government announcement on mortgage lending - 25th November, 2008
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Nationwide, one of the UK's leading mortgage lenders, has welcomed the government's proposals on mortgage lending, which the chancellor unveiled in yesterday's pre-Budget report (PBR).
According to the building society, the formation of the lending panel will help consumers as well as benefitting the industry, as will the government's proposed £15 million commitment to offer free debt advice to borrowers... - Quality of life 'is best in Elmbridge' - 24th November, 2008
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A survey has revealed that residents of Elmbridge, in Surrey, have the best quality of life in the UK.
The survey, which takes financial factors such as house prices and average salary expectations into consideration as well as life expectancy and education, was conducted by the mortgage provider Halifax.
According to the study, which looked at local authorities across the country, residents of Elmbridge earn £1,048 per week on average, as well as living in larger than average houses and having children who score better than average GCSE results.
Martin Ellis, chief economist at Halifax, said that living in Elmbridge comes at a price, as property prices in the area are more than £170,000 above the average for the south-east... - Credit crunch pushes older people to emigrate - 21st November, 2008
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Research released today by RIAS shows that many Brits nearing pension age are considering living out their retirement overseas, because of concerns about the economic downturn.
RIAS, which specialises in cheap insurance for older people, found that 400,000 over-50s are already planning their life elsewhere.
A further one in ten of those polled said they were 'seriously considering' leaving the country in search of more welcoming economic climes... - HSBC will cut standard mortgage rate - 21st November, 2008
HSBC has announced cuts in the standard rate of interest on its mortgages, as well as a range of other packages which it claims could help cash-strapped customers through the credit crunch....
- Estate agents call for action to revive flagging property market - 19th November, 2008
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The National Association of Estate Agents (NAEA) has called today for the government to act decisively to revive the housing market.
A survey revealed that 54 per cent of estate agents feel that the government had not done enough so far and demanded a suspension of stamp duty as well as a further reduction in interest rates... - Credit crunch worries women more than men - 18th November, 2008
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A study released recently has revealed that women are worrying more about their financial situation during the credit crunch than men.
The research, conducted by Moneywise.co.uk, showed that 43 per cent of women were worried about the state of their finances, including savings accounts and property investments, compared to only 25 per cent of men.
Equally 58 per cent of male respondents said they felt confident about their financial situation, compared to just 26 per cent of women... - Scottish government launches debt helpline - 18th November, 2008
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The Scottish government has unveiled plans to promote a national debt helpline to help cash-strapped Scots who may be worried about their property investments, savings accounts or paying back their personal loans.
Deputy first minister Nicola Sturgeon announced that the Scottish government would give £382,000 to the National Debtline, which will be promoted in conjunction with the Money Advice Trust.
Ms Sturgeon said: "As the recession bites, families across Scotland are feeling the pressure financially, with increases in food prices, rising bills and mortgage and lending uncertainty all adding to the headache."
She added that it was important for people to be honest with themselves about their debt and admit that they might need to seek help sooner rather than later... - Lenders 'refuse to reduce fixed-rate mortgages' - 13th November, 2008
A study has revealed that lenders are refusing to make significant reductions in the rate of interest on fixed-rate mortgages despite the Bank of England's slashing of the base rate last week....