UK Secured Loans Blog: October 2006

Monday, October 30, 2006

DIY Spending has doubled in the last 20 years

As bank holidays approach, the nation usually turns to DIY. A survey conducted by the Halifax in 2005 reveals that spending on home maintenance and repair has more than doubled in the last 20 years. The figures show that during 2004, spending on home maintenance and repair increased by 5.8%, at £15.4bn, compared with the previous year’s spending of £14.5bn.

The survey also highlighted the key areas of spending: there has been a 134% increase during the last 20 years in spending on DIY materials and tools as opposed to a 51% spending increase on the services of tradesmen such as plumbers, electricians, carpenters and decorators. These recent figures reveal that the nation’s biggest spenders on home maintenance and repair are in the South East, with an average annual household expenditure of £633.50, compared to the North East who on average spend just £370.04 annually on home maintenance and repair.

These latest figures demonstrate a rising trend for consumers to roll up their sleeves and get stuck into home improvements. Martin Ellis, Halifax chief economist, commented: “There has certainly been a boom in spending on home maintenance and repairs over the past 20 years with a doubling in spending since 1984. Most of this increase has been in the form of DIY with households increasingly doing jobs around the home themselves. Although we are now doing more jobs ourselves, the actual amount of work done by tradesmen on home maintenance and repairs last year was almost identical to that in 1994.”

For those keen DIY enthusiasts looking to improve their homes over bank holiday weekends, a secured homeowner loan could provide the finances needed to get work completed. Secured homeowner loans can be used for all sorts of home improvements whether it be a loft conversion, conservatory or an extension. Smaller projects such as refitting existing kitchens or bathrooms and redecorating can also be taken care of with a homeowner loan. Homeowners putting a secured loan to good use by carrying out some home improvements might even find that they add significant value to their homes.

Nemo´s typical rate is 9.0% APR variable. A NEMO LOAN IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Friday, October 27, 2006

Research shows £36.4 billion spent on cost of cars

During the last year, according to new research from Halifax Unsecured Personal Loans, the UK paid out £36.4 billion on purchasing new and used cars. Research shows that over the last 10 years, there has been a 61% increase in the amount of money spent on motor vehicles. This increase amounts to an average of £1490.30 per household per year.

In the last 10 years, supporting the increase in population and multiple car ownerships, the number of cars on the road has significantly increased. In 1995 there were nearly 25 million cars on the road; it has now increased by 22%, with the number of cars in Britain now exceeding 30.6 million.

According to annual research by Halifax Unsecured Personal Loans, it has been revealed that after debt consolidation, buying a car is the second most popular reason for taking out a loan. Additional out of pocket expenses needed when purchasing your vehicle such as road tax, an MOT, or car insurance mean that careful organisation of your budget is required.

Ian Larkin, head of Halifax Unsecured Personal Loans comments, “Buying a car is probably the second biggest purchase you will ever make, after buying a house, so it is important to consider how you intend to finance this and choose a product most suited to your needs.”

Consolidating all your existing debt into one place can help make your personal finances more straightforward. A personal secured loan can reduce monthly outgoings and spread payments over a term of 5 to 25 years, wrapping several different monthly payments into one uncomplicated transaction allowing home owners to assess their financial situation for that all important purchase.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Monday, October 23, 2006

Worry of debt delaying people's retirement

Research has found that the burden of being in debt is meaning workers are delaying their retirement plans. AA Savings has undertaken research discovering that 38 per cent of Britons are contemplating working beyond retirement age so as to achieve a comfortable retirement.

On top of this, just one in ten feel they will be able to retire at the age of 60. Among the reasons Londoners gave for working longer was serious financial difficulty in retirement (22 per cent) and 38 per cent of Britons commented that they had a lack of retirement savings.

Lloyd East, general manager of AA savings, said: "Retirement used to be an occasion of celebration and freedom from debt. But today the opposite seems to be true. We found only ten per cent of respondents expect to celebrate their retirement – and not a single Londoner said they would do so."

Those with multiple debts worrying about not being able to start saving for retirement could consider a debt consolidation loan, which might free up more of their monthly income. This could then give them the opportunity to put some money into saving for retirement. It should be remember

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Tuesday, October 17, 2006

Healthy housing market could see rise in home owner loans

With new figures from the British Bankers' Association (BBA) showing that £18.2 billion was lent for mortgage purposes in May, many people may choose to take out a competitively priced home owner loan to assist with their property improvements or other financial needs.

The mortgage lending rise represents a 27 per cent annual increase with the seasonally adjusted net mortgage lending figure rising by £5.7 billion.

David Dooks, BBA director of statistics, said: "Although numbers of approvals are still well below the levels of early 2004, the record level of gross lending and stronger net lending in May shows mortgage market activity to be healthy."

The figures also found a 133 per cent increase on April's figures and discovered a £0.7 billion rise in the level of lending for overdraft and loans in May.

Recent figures from the Council of Mortgage Lenders (CML) supported the BBA positive lending figures also. The CML May lending figures found gross mortgage lending had reached £28.7 billion, which represents a year-on-year increase of 30 per cent.

A home owner loan with a competitive rate could give consumers a wealth of options whether it is improving their property by adding extra bedrooms, a conservatory, new kitchen or bathroom. By using a home owner loan to improve their current property, homeowners might find that they could even add value to their house. A home owner loan could also be used to consolidate existing debts. It should however be remembered that repaying borrowing over a longer term increases overall interest charges.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Friday, October 13, 2006

Brits suffer £9 billion summer holiday hangover

Research from moneysupermarket.com has highlighted the growing bill British holidaymakers are racking up on holidays. It is estimated that this summer over £9 billion was spent abroad on credit cards. Interest on holiday debt, as repayments are dragged out, could top £550 million by New Year according to moneysupermarket.com.

Rob Kenley, moneysupermarket.com’s head of credit cards, said, “You could be left with more than a tan if you don’t think about how to handle your debt when you come home. If you are one of the 41 per cent of credit card holders who fail to clear their balance at the end of each month you would be wise to transfer your debt onto one of the 49 zero per cent balance transfer deals available in order to minimise the amount you will pay in interest. You would also be advised to begin saving towards paying off the balance when the zero per cent deal ends.”

A growing number of Britons, more than half (57%) according to the research carried out by moneysupermarket.com, use their credit cards to finance their summer holidays. On average it is estimated that they run up credit card bills of £799. Further research has shown that 9% of Britons spend more than £1,001 on their holidays and a further 5% spend over £2,001. This value that holidaymakers are spending abroad amounts to a total card spend of £9bn. This figure takes into account the 16 million who travelled abroad this summer.

Brits who are not able to clear their credit card balance shortly after arriving home, or who are not able to transfer it to a card offering a 0% deal, are increasing the likelihood of facing a cumulative interest charges bill topping £550 million in only 5 months. For those travellers not able to clear the debt incurred on holiday in full on their return they could see a rise in their credit card bill by the New Year.

By consolidating all existing debt into one place, personal finances become more straightforward to handle. A personal secured loan can help reduce monthly outgoings and also spread payments over a term of 5 to 25 years. By wrapping several different monthly outgoings into one uncomplicated transaction the stress of coming home to unpaid bills and increasing debt could be long gone.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Wednesday, October 11, 2006

Credit card spending set to soar as DIY fever hits

With summer fast approaching and the belt-tightening first quarter of the year slowly passing, it is estimated by Morgan Stanley Credit Card that credit card spending is set to double. Figures are set to rise from £645 to £1,225 over the next three months. The most popular areas of expenditure according to their research seem to be on the home and car.

Patrick Muir, Marketing Director of the Morgan Stanley Credit Card, comments, “After the lull in spending in the New Year, we are now seeing a rise in spending on DIY and holidays as we hit the Bank Holiday season. Britons are increasingly using their credit cards to pay for everyday items, including groceries, petrol and bills.”

Home improvements costs are an area which will see house proud Britons spending an average of £363 on the home and car. This figure represents over double what they intended to spend during the first three months of the year.

With summer breaks fast approaching, Britons are also reaching for their credit cards to pay for their holidays. Spending on holidays over the next three months will become the second highest area of expenditure, at £331. Longer evenings and warmer nights mean an increase in grocery shopping, from £177 to £315 over the same period, as Britons also begin preparations for the barbecue season.

Juggling monthly payments for credit cards and store cards can be very confusing. With several store cards it is likely that a substantial part of your monthly payment is interest. By applying for a debt consolidation loan, you can put all of your debts into one place and know the exact date payment each month allowing you to plan ahead without the worry of various payments going out at different times. It is important however to realise that borrowing over a longer term will increase your overall interest charges.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Thursday, October 05, 2006

Research shows: Simple home improvements are the future

Cutting edge research conducted by Halifax, the UK’s mortgage lender, reveals that the nations DIYers have ditched complicated home improvements in favour of a simple, straightforward approach.

The findings highlight a shift in the trends, with many home owners favouring aesthetic improvements such as decorating, rather than ‘warmth factor’ home improvements such as central heating, double glazing and insulation. The figures reveal that the most popular home improvement is redecorating, with 75% of us choosing to give our home a fresh coat of paint to revamp it. 52% of us will choose to refurnish our homes to create a new look and 36% of us will choose to replace our carpets.

The survey also showed that the trend of refreshing a property’s image is set to continue over the next twelve months with 67% of surveyed people citing redecorating as their top plan for improvements. Of those that spent money on home improvements in the next 12 months, the costs of home improvements are relatively small with almost half of surveyed people spending as little as £2,500 on improvements. However, 84% of surveyed people revealed that they had spent up to £20,000 on improving their property, an investment that could increase the overall property value.

Donna Spencer, head of secured lending at Halifax said: “the continued desire to improve their homes shows that people are taking a responsible attitude towards their properties and enjoying making the most of them.”

Homeowners who are considering improving their property could take out a secured home owner loan to enable them to create their dream property. Small projects such as redoing an existing kitchen and bathroom, or bigger projects to extend a property and add rooms can all be funded by a home owner loan. Repayments can usually be made over a term of 5 to 25 years and homeowners might even find that they add value to their properties by carrying out home improvements with their home owner loan.

Links to this post:

<$BlogBacklinkTitle$>: <$BlogBacklinkSnippet$>
posted by <$BlogBacklinkAuthor$> @ <$BlogBacklinkDateTime$>

Monday, October 30, 2006

DIY Spending has doubled in the last 20 years

Links to this post:

Friday, October 27, 2006

Research shows £36.4 billion spent on cost of cars

Links to this post:

Monday, October 23, 2006

Worry of debt delaying people's retirement

Links to this post:

Tuesday, October 17, 2006

Healthy housing market could see rise in home owner loans

Links to this post:

Friday, October 13, 2006

Brits suffer £9 billion summer holiday hangover

Links to this post:

Wednesday, October 11, 2006

Credit card spending set to soar as DIY fever hits

Links to this post:

Thursday, October 05, 2006

Research shows: Simple home improvements are the future

Links to this post:

Previous Posts

Archives