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Mortgages 1, Unsecured Loans, 0
The number of people in the UK taking out mortgages to buy a home rose again in November but the appetite for other loans and overdrafts continued to fall.
The Bank of England figures show that mortgage approvals stood at the highest level since March 2008.
There were 60,518 mortgages approved for house purchases in November, up from 57,718 the previous month.
But consumers continued to pay back unsecured loans, with consumer credit falling for the fifth month in a row.
Although credit card lending rose slightly in November, the lack of popularity of other loans and overdrafts meant that people paid back £376m more than they borrowed during the month.
January 8, 2010 at 1:32 am | Unsecured Loans, personal loan | No comment
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Are you over-indebted?
In a scary move leading banks have signed up to a system developed by Callcredit which allocates scores to consumers based on what is termed their ‘over-indebtedness’.
The Department for Trade and Industry, which is now the Department for Business, Enterprise and Regulatory Reform, defined an individual as over-indebted if 25 per cent of their net monthly income was used to pay debt commitments.
Under the new system, which has been adopted by Halifax and Lloyds TSB, owned by Lloyds Banking Group, HSBC, and the Royal Bank of Scotland even prime borrowers with no history of defaulting could be rejected for a personal loan if their credit commitments take up too much of their income.
Funny it doesn’t seem too long ago that some of these organisations wanted you to have as much debt as possible regardless of your ability to repay – or did I misunderstand?
June 11, 2009 at 12:01 pm | Bad Credit Loans, Unsecured Bad Credit Loans, Unsecured Loans | No comment
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Borrowing for home improvement rockets
Sainsbury’s report a massive 53% increase in unsecured loans during 2008 (over 2007) and around 1.1 million of these loans were taken to partly or wholly fund home improvements.
Steven Baillie, head of loans at Sainsbury’s, said: “It is well-documented that the housing market struggled last year and our figures might suggest that people have decided to stay put and make the most of their existing homes.
“It may also suggest however that they’re trying to add value to their current homes in order to get a better price for them when the property market recovers.”
In all, Sainsbury’s extended £11.3 billion in personal loans for home improvement purposes last year.
February 15, 2009 at 10:40 am | Home Equity Loan, Unsecured Loans | No comment
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Unsecured Loans Advice
With an Unsecured Homeowner Loan, the interest rate is calculated on an annual basis. The interest rate payable (APR) is shown in the lender’s quote when you check out their loan deals online. Obviously, the best deal is found by comparing as many quotes as possible from different lenders.
It’s worth knowing this, though – aside from the interest rate, many lenders will charge you a ‘loan processing fee’ as well – which is not included in your online quote (another ‘hidden charge’). So you should always enquire about hidden charges before making any loan agreement – an attractive headline rate is often not what it seems.
Some unsecured loan deals allow payment holidays, but some also add on penalty charges for early loan repayment. This means you could actually end up paying more overall for repaying sooner, rather than reducing your repayments by doing this.
In conclusion, the advice is obvious but often overlooked – make sure you are fully informed of all the loan deals currently available on the market to suit your needs, as this is the only way you will have a real chance of securing the best deal for you. The quickest way to do this, rather than physically approaching hundreds of loan companies, is to use a loans expert who will do all the hard work for you and will know the ins and outs of the unsecured loans market, avoiding the common pitfalls that trap so many people into unsuitable loan deals.
February 8, 2008 at 1:29 pm | Unsecured Loans | No comment
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