Know your current credit status

Mar 26th, 2009 Posted in Debt Manangment, Mortgage Lenders, Mortgage Types, Mortgage rates | Comments Off

Are you aware of your current financial status? Sure you might know how much money you have in your wallet and in the bank but are you aware of you overall financial position including your credit score? Your credit report is an important part of your total financial picture. If you have a great rating you need to know so that you get equally great lending rates. To receive a free credit rating check you should visit CreditChoices.co.uk. Credit Choices is a leading information and news personal credit website filed with useful tools and tips. One of those tools is an online mortgage calculator. If you are wondering how much the payments on a loan would amount to then you can find out fast using this free finance tool. A similar yet opposite free tool available at Credit Choices is their savings calculator. With this tool you can figure out exactly how much your savings will add up too over any length of time. Credit Choices specialises in helping people save money on loans and credit cards. And they never charge for doing so.

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UK interest rates lowered to 0.5%

Mar 5th, 2009 Posted in Debt Manangment, Mortgage Lenders, Mortgage Types, Mortgage rates, Persona Finance, UK Property | Comments Off

The Bank of England has cut interest rates to 0.5% – a fresh all-time low – and says it will now boost the money supply to help revive the economy.

Interest rates have now been reduced six times since October, and the latest half a percentage point cut from January’s 1% had been expected.

The Bank said it would expand the amount of money in the system by £75bn in an attempt to boost bank lending.

This policy, so far untried in the UK, is called quantitative easing.

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Mortgage fraud levels soared to £36 million

Mar 4th, 2009 Posted in Credit Cards, Debt Manangment, Fraud, Mortgage Lenders, Mortgage Types, Mortgage rates | Comments Off

Mortgage fraud rose to a 13-year high of £36 million last year, approximately 10 times higher than the recorded £3.7 million in 2007.

According to KPMG’s forensic fraud barometer, more than £1.1 billion worth of cases were heard at UK courts last year recording the second highest level of fraud in the survey’s 21 year history.

However KPMG warned that most fraud committed since the credit crunch has not yet come to court and the trend of increasing mortgage fraud is likely to get worse with the global economic downturn.

The forensic investigation unit of KPMG stated that crime by professional gangs remained at the “extremely high” levels seen in previous years, while fraud by company managers, employees and customers trebled to £300 million last year.

Additionally a fivefold increase in company fraud from £24 million in 2007 to £125 million last year was visible.

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