Find out what's happening this week with personal loans...
Couple was charged thousands for useless loan insurance
A couple has spoken about the thousands of pounds they were charged by a secured loan lender for insurance that they could never use. They took out the loan two years ago, and said that they have experienced nothing but financial problems ever since.
The couple state that they were charged over eighteen thousand pounds for Payment Protection Insurance cover that they did not need or want after being persuaded to purchase the insurance cover when they took out the loan. ... read more.
Long term fixed rate mortgage loans not popular amongst consumers
Over recent weeks the Chancellor of the Exchequer has been pushing for lenders in the UK to increase availability for longer term fixed rate mortgages of up to the whole term of the mortgage to increase stability further for those that may face difficulties when it comes to variable repayments.
However, according to industry professionals most consumers are not keen to take out these longer term mortgage loans, and prefer to take out fixed rates on a shorter term. ... read more.
Getting a mortgage loan has become increasingly difficult
The financial headlines in the UK have been filled with information about the effects of the global credit crunch of late. All financial sectors have been affected and consumers have found that accessibility to finance, particularly for those with damaged credit, has become more and more difficult.
According to recent figures the last seven months has seen rejections on mortgage loan applications soar by nearly sixty percent.... read more.
First time buyers should wait it out before applying for a mortgage loan
First time buyers in many areas of the UK are being advised to wait it out before rushing into taking out a mortgage loan, amidst speculation that both house prices and interest rates are set to fall.
Official figures have shown that property prices in the UK have already taken a tumble in September in many areas, although property values continue to rise in Scotland and London.
Many analysts are also predicting that there will be a cut in interest rates before the end of the year, which would bring the interest rate down to 5.5% or below.... read more.
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