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1) Saving Money During the Current Economic Climate
Author:
Isla Campbell
Category:
Finance
Even though there are some reports that fuel and food prices have actually started to drop during September 2008, the doom and gloom of recession is still hanging over the UK economy, forcing most to review their spending habits and devise novel, new ways of saving money.
Books extolling the rediscovered virtue of thrift and even one on 'how to survive on a pound a day' are being rushed into print as publishers seek to benefit from the UK public's new found eagerness to cut thei...
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2) Mortgages: More Than Just a 'dead pledge'
Author:
Adam Singleton
Category:
Finance
Most people in the UK are familiar with the word mortgage; but how many know exactly what the word means and how mortgages work?
The word mortgage is derived from the French language and literally means "dead pledge". It was based on the fact that early mortgages were settled upon death, at which point the obligation to the lender ended - either because it was fulfilled or the property was repossessed.
These days, throughout much of the western world a mortgage is th...
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3) Wild Parties and the Bank of England
Author:
Leslie Hardy
Category:
News and Society
Mervyn King, Governor of the Bank of England, is normally noted for his restrained and diplomatic language in statements concerning interest rates and the general performance of the UK economy.However, this reserve and restraint appears to be changing. During the Northern Rock banking crisis in the summer of 2007, he justified his reluctance to intervene and save the bank by reference to 'moral hazard'. By this he meant that banks, like every other private sector organisation, should...
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4) Fixed rate products still selling well despite overall fall in mortgage approvals
Author:
Daniel Collins
Category:
Finance
In the space of only two years the mortgage market has been turned upon its head, sparked by the near collapse and subsequent nationalisation of the Northern Rock, and accentuated by a full scale credit crisis. It appears that the cost of borrowing seems to be on the rise regardless of any movement in the Bank of England base rate.
As recently as 2006 prospective buyers could obtain 125% mortgages at low fixed rates; however to secure any type of mortgage now at least a 10% deposit is requir...
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5) More people than ever checking credit records
Author:
Matthew Pressman
Category:
Finance
The global credit squeeze isn't bad news for everyone; it has boosted business for credit reference agencies as more people realise the importance of having an up-to-date credit record, according to a leading financial comparison website.
A spokesman from Moneysupermarket pointed out that consumers are also getting far more knowledgeable about the effects that applying for credit has on their personal credit record. The more applications for credit that are submitted, the more l...
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6) Mortgages set to be even cheaper in the New Year
Author:
Andrew Regan
Category:
Finance
When interest rates were cut in early December all nine of the Monetary Policy Committee members voted for the cut and that unanimous vote has lead to analysts predicting another cut in early 2008. Welcome news indeed for anyone with a mortgage, as many lenders immediately announced a reduction in their interest rates following the MPC decision.
The Bank of England interest rate now stands at 5.5% following the quarter point cut, and December's meeting was the first time the nin...
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7) Loans rates rise as banks hoard cash
Author:
Elisha Burberry
Category:
Finance
UK financial markets look to be entering a new era of turmoil as top banks are building up their cash reserves to cover the possibility of further losses from the continuing collapse of the sub-prime market. This action could signal worrying times for anyone who has loan balances outstanding, because they are likely to see the cost of them rise in the short term.
In the wholesale financial market the gap between the base rate and percentages being charged on three-month loans is...
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