Debt consolidation

May 10th, 2009 Posted in Debt Manangment, Mortgage Lenders, Persona Finance | Comments Off

Most people have several different debts, ie., credit cards, loans and overdrafts. Debt consolidation Companies advise that you can take the hassle out of this combination of monthly out-going payments, by consolidating debts, with no worry about tarnishing your credit rating. But it is not the case, when this method is in practice.

Methods:

The most popular method of consolidating debt is to move all of your loans to a single loan with a lower rate of interest. Unlike credit cards (that have annual percentage rates in excess of 10%), many loans are available at cheaper rates of interest. Borrowers need to pay one fee a month and can easily track the progress of their loan. But, you should only borrow, if you can secure a competitive rate of interest that will bring your monthly outgoings down.

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Mortgage lending ‘rises slightly’

May 6th, 2009 Posted in Investments, Landlords, Mortgage Lenders, Mortgage Types, Mortgage rates, UK Property | Comments Off

According to lenders’ group, activity in housing market remains at a very low level although there has been a slight increase in the number of mortgages sold in UK in the month of February. The Council of Mortgage Lenders (CML) said the number of house purchases rose to 24,300, (up by 4%) compared with January.

CML Director General Michael Coogan says, they are not convinced that underlying trends have shifted sufficiently to change their forecasts for mortgage market activity in 2009, but there are some positive signs for later in the year. According to him, some large banks are making more and more loans available through enhanced lending commitments, which is helpful, but will not satisfy consumer borrowing demand on its own.

The number of completed home loans for house buyers has risen slightly on a monthly basis, running at about one-third of the average of February’s total, ie., 76,000 loans for house purchase between 2002 and 2007. Accordingly, the total value of the completed home loans has remained unchanged at £3.1bn, which remains in stark contrast with the recent years.

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