UK Secured Loans Blog: April 2007

Monday, April 30, 2007

Bank of Mum and Dad vs. Charity of Mum and Dad

Research conducted by the Scottish Widows Bank has shown that the number of parents expecting kids to pay money back has doubled over ten years. The giving away of money has decreased by 6%, from 38% to 32% in the same period of ten years.

£2.1 billion in parental loans have mounted up with an average amount of £12,188 being borrowed from parents and friends. Scottish Widows Bank has recently calculated that the average deposit for a graduate homebuyer is £16,219 and with one in five graduate non-homeowners are currently living with their parents or friends. Further research has shown that almost four in ten (39%) graduates would not be able to get on the housing ladder without their parents helping them fund a deposit.

The Bank of Mum & Dad however is less like a real bank in repayment terms. One in six graduates has no set time limit in which they must pay their parents back and for one in eight (13%), they won't pay their parents back until they sell their first home.

Richard Clark, Head of Product Development and Marketing, Scottish Widows Bank commented: "It is clear that it is becoming more and more difficult for graduates to get on the property ladder without any assistance and with rising interest rates and house prices they need all the help they can get. Even graduates who have been working for several years are forced to borrow money from their friends and family. While it's good to see that people are getting help from their loved ones, some of these loans might be leaving the Bank of Mum and Dad empty."

Parents who find that their children are in need of a helping hand either before or after leaving university, could consider taking out a personal secured loan. Payable over a term to suit the borrower, from 5 to 25 years, a personal loan could help pay the first deposit on a home or even help with monthly rent. One of many options to help kids through university and other stages of life, a personal secured loan could provide the funds their kids need. Homeowners should remember that repaying borrowing over a longer term will increase overall interest charges.

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.

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A million set to work through retirement

Abbey Savings has recently found that a number of Brits are not making any plans for retirement. According to their research, 4.5 million people aged over 55 have not started making retirement plans and a further 2 million people have not thought about or contemplated the issue. Looking at people aged between 45 and 54, 4.8 million people in total, which is almost two thirds of this age group in Britain, have not made any plans while a further 1.8 million are not even considering the issue.

Abbey Savings say that a million people over the age of 55 will have to work through retirement. Reza Attar-Zadeh, Head of Savings at Abbey, said: "This research shows the potential retirement time bomb that the 50+ generation are facing."

The younger generation who find that they are unable to put money aside for retirement due to having multiple debts and bills to clear, could consider consolidating with a secured personal loan One of many options to pay off debt, homeowners will know the exact amount and date that payment will be taken from their account each month. Knowing the exact amount to be debited, could allow homeowners to set aside a small amount each month to put towards retirement savings. Secured loans can be repaid over a term to suit the borrower from 5 to 25 years. When using a secured personal loan to pay off debts, it is however important to remember that repaying borrowing over a longer term will increase overall interest changes.

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Thursday, April 26, 2007

Homeowners see average prices going up to £100,000

The latest Halifax House Price Index on regional house prices in the first quarter 2007 has shown that this is the first time that no town in the UK has an average house price of less than £100,000.

In the last house price index that came out at the end of 2006, Lochgelly in Fife was the only town in the UK where the average price was less than £100,000. Homeowners in Northern Ireland saw the average price rise above £200,000. This latest change brings Northern Ireland to being one of the most expensive parts of the UK, with only London, the South East and the South West having higher house prices. Factors boosting property prices in Northern Ireland are a strong local economy, high levels of immigration and high demand for properties from second homebuyers and buy to let investors in the Republic of Ireland.

The most rapid house price increases have been experienced by those homeowners living in Scotland, the South West and Wales. The smallest increases were seen by those living in the East Midlands and Yorkshire and the Humber. In the North West, the average house price broke through the £150,000 barrier. The North/south divide is said to have re-emerged over the last year with the most rapid price rises being in London, the South West and the South East as house price inflation has gone up in these regions.

Commenting, Martin Ellis, chief economist, said: "House prices continue to rise in a tight market but there are emerging signs that pressure on householders' finances, partly due to the rise in interest rates since last August, is dampening housing demand. Overall, house prices increased by 2.8% in 2007 Q1, well below the 4.2% rise in 2006 Q4. There is also evidence of reduced market activity. We expect the higher level of interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months. Sound economic fundamentals and an ongoing shortage of housing supply will, however, continue to support house prices."

Homeowners who would like to move house but are unable to move up the property ladder due to recent price hikes could consider improving their current property with a secured loan. A personal secured loan could provide homeowners with the funds needed to finance projects to increase the size of their property, perhaps by extending to add extra bedrooms on the upper floors and a play room or bigger lounge on the ground floors. Other projects to increase property size which can be financed with a secured personal loan include loft conversions, basement conversions and conservatories. Finishing touches like redecorating and purchasing furniture may also be funded with a secured loan. One of many options, secured loans can usually be repaid over a term to suit borrowers from 5 to 25 years and are secured on homes.

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Wednesday, April 25, 2007

Stay at home children

A report from Alliance & Leicester Mortgages has revealed that a demographic shift to a low mortality/low fertility rate is leading to the creation of new generations of homeowners.

The 'Changing UK Household Market' report from the Alliance & Leicester has shown that UK society is changing in response to developments in the political, social and economic landscape. As the population is living longer, people are spending longer at the various life stages and then living in more houses than in times gone by.

The report reveals that adult children are spending longer in the nest and that by 2026 78% of the adult population will have spent longer at home with their parents. This is said to lead to a 'Peter Pan' attitude, with adult children never wanting to grow up. Quite happy to rely on their parents, this leads to adult children leaving home at an older age, which then leads to getting married and having their own children later in life. The average age that women currently have their first child is now 26.7 years which is said to rise to 29 by 2026. In the future, this pattern will lead to people having simultaneous demands from both elderly parents and their children who haven't yet left home.

Stephen Leonard, Director of Mortgages at Alliance & Leicester comments: "Our research demonstrates the appetite for moving will increase in the future as new generations of householders emerge, keeping the housing market full of life. Changing demographics and social attitudes will inevitably have an effect on the housing market in the future, for example, the number of times that people move in their lifetime, or the increase or decrease in the type of household they live in. These trends are predicted to change dramatically in the next 20 years."

Homeowners with children still in the nest needing their own space, could consider extending their property with a homeowner loan. A home loan could provide the finance required to add an annexe for adult children giving them a place where they can entertain friends out of their parents’ way. One of many options to fund home improvements, a home loan can be used to extend property in several ways. Whether it be an annexe, a loft or basement conversion, or a garage conversion, there are plenty of home improvement ideas that can be taken care of with a homeowner loan to provide room for adult children still living at home. Home loans can usually be repaid over a term to suit the borrower from 5 to 25 years.

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Tuesday, April 24, 2007

Biggest UK debtors

Recent news from Alliance and Leicester has revealed that those in their early 30s have the highest borrowing of any age group and also have a tendency to miss repayments. In their latest Borrowing Monitor research, the Alliance and Leicester showed that people in their early thirties actually have the highest borrowing including their mortgage than any other group.

In addition to having the highest mortgage exposure, their unsecured debts are averaging £5,863 which is 29% above the national average. At this age, people typically settle down and purchase their own home with their partners, therefore it is possible that high borrowing is a reflection of setting up home.

People in their early thirties not only have the highest debt levels, but are also amongst the most likely to miss repayments. They are also likely to have personal loans and also most likely to miss monthly loan repayments.

Chris Rhodes, Director of retail banking at Alliance & Leicester said: "The early 30s are a transitional age where careers are taking off and before family responsibilities kick in. Many are buying their first homes at this point, but are also enjoying rapidly rising salaries and are keen to enjoy life to the full. Some, particularly those not trying to get on the housing ladder, may find themselves in financial difficulty as a result living beyond their means. The picture for the under 30s is dominated by student loans. A hangover of student debt is constraining their appetite for other borrowing and delaying their ability to get on the housing ladder."

Homeowners in their thirties who find it difficult to keep track of what needs to be paid and when, could consider consolidating existing credit cards and personal loans with a secured loan. One of many options to consolidate debts, a secured personal loan will put all debts into one place. Borrowers will know the exact repayment date and amount that will be taken for their secured loan each month, and will not need to worry about what needs to be paid and when. Secured loans can be repaid over a term to suit the borrower, from 5 to 25 years. When taking out a secured loan to consolidate existing debts, it is however important to remember that repaying borrowing over a longer term will increase overall interest charges.

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Friday, April 20, 2007

Spring cleaning personal finances

Find.co.uk recently published their top tips for spring cleaning finances. As the new tax year has arrived, homeowners could potentially save thousands of pounds by shopping around for a better deal on the financial products they are using, and further by taking advantage of any unused tax free allowances.

Find.co.uk recommends the areas that households should look at are pensions, mortgages, personal loans, credit cards, buildings and contents insurance, current accounts, term assurance and savings accounts.

According to Find.co.uk, you can into as many different pensions as desired. In addition to paying into company schemes, contributions to other forms of pensions such as stakeholders or Sipps can also be made provided that the total amount paid in does not exceed the limit.

Shopping around for mortgages is recommended as there is a range of deals available in the market place. According to Find.co.uk householders should look also look closely at loan lenders rates as potentially borrowing more could mean paying less. Savings can also be made by being savvy about which credit cards are used. For example, householders could consider a card with an introductory 0 per cent rate, or if they know they won't be paying bills off in full each month, they could consider a card with a consistently low interest rate.

Homeowners who have multiple debts in the form of credit cards and personal loans, could consider consolidating these with a debt consolidation loan. One of many options to restructure finances, a debt consolidation loan can be repaid over a term to suit the borrower, from 5 to 25 years. It is however important to remember that repaying borrowing over a longer term will increase overall interest charges. With a debt consolidation loan, as multiple repayments are wrapped into one, borrowers will no longer have to worry about what needs to be paid and when as they'll know the date and amount that has to be repaid each month. Debt consolidation loans are only a sensible solution to paying off credit cards if card accounts are closed to prevent further spending and card holders incurring further debts. Debt consolidation loans are available from a variety of lenders.

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Thursday, April 19, 2007

Buyers look to live in the country

Location is king according to recent news from Halifax Estate Agents. This, along with size, age and style have a significant impact on property value. Around one in three buyers would be prepared to pay up to £10,000 more for a home in the place they most desire is and the fresh country air is a big pull for prospective homeowners.

According to the Halifax Estate Agents survey results, 26% of those surveyed said that being close to the countryside was the most important location feature for them. Good transport links came close to this with 18% of those surveyed commenting that this was important to them. Proximity to work and having good schools nearby were also of prime importance to home movers.

A high number of those surveyed also said that they would be prepared to pay a premium to secure a home in their dream location. 31% said that they would pay up to £10,000 more, whilst 12% would offer between £10,000 and £25,000.

Colin Kemp, Managing Director for Halifax Estate Agents, comments: "It is interesting that being able to escape to the country is the most highly prized geographical factor for house-hunters. According to our research it ranks higher than some of the considerations which are traditionally thought to impact significantly on property prices such as local schools and distance to work.
Although other factors such as budget, property specification and availability play an important part in the decision to purchase a property, most people begin their search for a home by looking at geographic location first. The fact that so many house-hunters would be prepared to pay more for a property in their ideal location demonstrates how important this is in the home-buying process."

Homeowners living in the country who love where they live and who would like to extend their property, could consider financing this with a homeowner loan. One of many options, a homeowner loan could provide the funds needed to complete large scale projects such as extending ground and upper floors. Homeowner loans may also provide the funds needed to pay for refitting kitchens and bathrooms, or perhaps even adding a conservatory. Once internal work is completed, property owners could also consider improving the outside of their properties and grounds with a homeowner loan. Secured on property, homeowner loans can be repaid over a term to suit the borrower from 5 to 25 years.

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Wednesday, April 18, 2007

Homeowners push house prices through the roof

News from Alliance & Leicester Personal Loans has revealed that a loft conversion can add around £100,000 to a home's value. Those preferring to improve rather than move could potentially add significant value to their property.

The research which was carried out across England and Wales shows how homeowners adding a dormer loft conversion to homes are in a win-win situation. This is less costly than buying a bigger property and homeowners could see property value going through the roof. The average cost of a dormer loft conversion is said to be £23,000 and this could add £100,000 to the property's value.

Regionally, the cost of a dormer loft conversion varies, as does the value that this could add. For instance, in London, dormer loft conversions for a three bedroom property could cost around £25,000. The return on this could potentially reach nearly £146,000 if the homeowner wanted to sell their property. In the North West, homeowners are looking at an average cost of £22,080 for a loft conversion, and the expected added property value is £97,888. In the West Midlands, converting a three bedroom property to a four bedroom property could potentially increase property value by £100,000.

Richard Al-Dabbagh, Alliance & Leicester Senior Personal Loans Manager, said:"Taking out an Alliance and Leicester Personal Loan in order to fund all, or part of a loft conversion, can be a far cheaper option than moving to a larger house to gain an extra bedroom. Carrying out home improvements instead of moving can have amazing results, potentially increasing the value of your existing property and also saving a great deal of money as well. If you are looking to undertake a sizeable home improvement, there will be a massive temptation to simply take out a further advance on your mortgage. But a personal loan could represent a cheaper alternative for those who can afford higher monthly repayments over the shorter term."

Homeowners who had thought about moving to add an extra bedroom, could consider using a home improvement loan to fund a loft conversion. One of many options to finance a loft conversion, a home improvement loan can be secured on homes and can usually be repaid over a term to suit the borrower from 5 to 25 years. Those property owners looking to add extra space to homes, but don't want to do a loft conversion, could consider using a home improvement loan for a conventional extension. Home improvement loans could be used to cover the cost of extending both the ground and upper floors potentially adding not one, but two rooms to a property. Smaller scale projects such as garage conversions and conservatories could also be funded with a home improvement loan.

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Tuesday, April 17, 2007

Nine million visit DIY stores over Easter Bank Holiday

According to news from Direct Line, trips to DIY stores and garden centres are seen to be as much a part of the Easter bank holiday weekend as traffic jams and chocolate eggs.

It was reported that nine million Britons were set to visit DIY centres over the bank holiday weekend and would spend more than £370 million in the process. Research from Direct Line HR24 (Home Response 24) showed that 21 per cent of us had planned to visit a DIY store or garden centre over the Easter weekend and that eight per cent planned to spend more than £100 on tools, paint and other equipment.

However, the research found that money spent may be wasted as a quarter of Britons have bought DIY equipment and not ever used it, 12 per cent of those surveyed admitted that equipment worth over £100 is sitting gathering dust. The most commonly unused item is said to be paint. 46 per cent of people had purchased this and not used it. 36 per cent of respondents said that they had let screws go to waste while 17 per cent admitted that they had let wallpaper and paste go to waste. 16 per cent said that they had allowed power tools to be left unused.

Reasons given for not using DIY equipment included being too busy to do the job that tools were bought for, with more than 11 per cent blaming it on the weather being unsuitable. Twenty-nine per cent of men admit that they had got carried away in the store, buying things that they didn't need.

Andrew Lowe, Head of Direct Line Home Response 24 said: "The Easter pilgrimage to a DIY centre has become a tradition for many people, whether they ever actually get round to doing the DIY or not. But we would recommend people consider taking it easy this Easter and look to hire a professional to take care of any home repairs that need doing. Not only will they make the most of their bank holiday, they will also avoid running the risk of harming themselves or damaging their properties."

Homeowners needing to carry out larger scale DIY or home improvement projects, could consider funding them with a secured loan. One of many options to pay for home improvements, a secured loan could also be used to get someone in to do jobs for those who are time precious. Larger scale jobs that may be financed with a secured loan include extensions and loft conversions. Other space adding projects that may be funded with a secured loan are conservatories and garage conversions. Once the building work associated with bigger jobs is completed, homeowners could also consider using funds from their secured loan to complete the finishing touches such as fitting the kitchen and bathrooms, and final decorating. Secured loans can be repaid over a term to suit the borrower, usually from 5 to 25 years.

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Monday, April 16, 2007

Homeowners see small increase in property value during March

According to the Halifax house price index, homeowners saw their investments rise in value during March with a 1.0% increase in house prices. The overall increase during the first quarter if the year was 2.8%, below the 4.2% rise in the final quarter of 2006.

House prices increased across the country for homeowners during the first quarter. Scotland saw the biggest price rise, at 7.5%, followed by the South West at 5.4% and Wales experienced a 4.9% increase. Smaller increases were seen in the East Midlands and Yorkshire and the Humber at 0.2% and 0.6% respectively.

In Northern Ireland, house prices broke through the £200,000 barrier, with the average cost now being £206,495. This makes it one of the most expensive places in the UK with only London, the South East and South West having higher average house prices.

In the last twelve months, house prices have risen most quickly in Northern Ireland at 37% and Scotland at 22.4%. The biggest price increase in England has been in Greater London where prices have risen by 14.9%.

Commenting, Tim Crawford, group economist, said: "House prices rose by 1.0% in March, the second smallest monthly increase in prices since last August. Prices continue to rise in a tight market but there are emerging signs that pressure on householders' finances, partly due to the rise in interest rates since last summer, are dampening housing demand with evidence of reduced market activity. We expect the recent rises in interest rates, negative real earnings growth and above inflation council tax bill increases to lead to slower house price growth over the coming months. Sound economic fundamentals and an ongoing shortage of housing supply will, however, continue to support house prices."

Homeowners who are looking to move, but find they are restricted by increased house prices, could consider improving the property that they are currently living in with a secured loan. A common reason for moving is to make room for a growing family, a secured loan could provide the finances needed to extend. One of many options, secured loans can finance projects including loft conversions, garage conversions and the conventional extension. If it is space to relax in peace that is needed, or perhaps a breakfast room, then a secured loan could be used to pay for a conservatory. Secured loans can be repaid over a term to suit the borrower from 5 to 25 years and form a second charge on homes.

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Friday, April 13, 2007

UK is a nation of spenders

According to recent news from Unbiased.co.uk over 7.5 million people are only saving money for short-term goals and about 3 million are describing themselves as 'frivolous spenders.' Research conducted by Unbiased.co.uk has shown that there are five types of spenders in Britain, these being Frivolous, Bargain, Occasional, Credit and Random. 7.5 million consumers only look at their financial situation in the short term.

The buy now, think later culture is highlighted by Unbiased.co.uk's fifth annual report. Half of the population describe themselves as 'Bargain Spenders' who are keen to save money on purchases. Most respondents are still keen to spend, rather than save money and this is said to be the signature trait of 'Generation Spend.'

Frivolous spenders are said to be those making purchases based on what they desire, not what they can afford, with a total of 3.8 million in the population. Occasional spenders are those who save for purchases and have a propensity for saving. They do however lack in looking towards the long term. Credit spenders are those who mainly use their credit cards to spend, and account for over 4 million people. Random spenders are those refusing to classify themselves as any of the other categories given in the research.

David Elms, Chief Executive of Unbiased.co.uk, commented: "This year's research into the nation's propensity to save shows some improvement, but it is disappointing that we still define ourselves as a nation of spenders rather than a nation of savers. It is more worrying to see the attitudes of young people towards the need to Get Saving! Hopefully we will continue to see improvements in saving practices so that by next year it will be possible to define British consumers by their saving as well as by their spending!"

Homeowners who have overspent on credit cards, store cards and overdrafts, could consider consolidating these with a debt consolidation loan. Homeowner debt consolidation loans may be secured on homes and can be repaid over a term to suit the borrower, from 5 to 25 years. With multiple credit and store cards, it can be confusing juggling several different repayments. A debt consolidation loan will wrap all these payments into one and the borrower will know the exact date and amount payment will be taken each month. With a debt consolidation loan, it is however important to remember that repaying borrowing over a longer term may increase overall interest charges. Debt consolidation loans may only be a helpful solution to help clear debt if credit accounts are closed to prevent racking up further debts.

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Thursday, April 12, 2007

Average homeowner moves six times in their life

According to recent research from Halifax Estate Agents, UK homeowners are moving on average 6 times during their life. The effect of multiple moves on homeowners relationships with their neighbours has been examined by the Halifax Estate Agents research which found that less than one in four people would be offended if their new neighbours failed to introduce themselves. Almost half of those moving in have never received a welcome card or house warming present.

When it comes to making the first move 48 per cent of those surveyed thought that existing residents should make the effort to introduce themselves to newcomers. 18 per cent thought that people moving in would find the time to greet their new neighbours in between moving in. Those more likely to be proactive and make the first move are 18 to 24 year olds. Almost a quarter say the onus falls upon new comers. This compares with 55% of the over 65s who believe it is up to existing residents.

These first steps are essential in getting relationships off to a good start with 22 per cent considering it rude if neighbours don't introduce themselves. 76 per cent wouldn't take any offence and say they wouldn't mind living next door to people whose name they didn't know. The survey also asked when homeowners think the first move should take place. Almost half thought that it should take place within two to seven days, or within the first week. That said, one in six were keen to get to know their new neighbours on their first day in the street.

Colin Kemp, managing director for Halifax Estate Agents, comments, "It appears that the days of everyone on a street knowing each others names and making an effort to welcome new residents are fast disappearing. Long working hours and busy lifestyles could partly be to blame.

"However, it would be heart warming to think that there will continue to be some sense of community spirit in towns and villages across the UK. Good neighbourhood relationships can be invaluable, for instance having someone to keep an eye on the house or feed the cat whilst you're away or a first port of call when you’re run out of sugar!"

Those homeowners that need to move up the property ladder but feel attached to their current home and neighbours could consider improving what they've already got with a home improvement loan. A home improvement loan can help homeowners move up the property ladder in many ways. Firstly, homeowners may use a home improvement loan to extend their current property, adding that extra bedroom or bathroom that is usually the reason for moving home. Secondly, an extension financed by a home improvement loan, can add a valuable extra reception room which may be needed by homeowners who are thinking about moving home. One of many options to fund extensions, a home improvement loan may be just the alternative to moving home, allowing home owners to stick with the home and neighbours they have grown to love. Home improvement loans can usually be repaid over a term to suit the borrower from 5 to 25 years.

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Wednesday, April 11, 2007

What new homeowners look for when buying

A recent study from Nationwide Building Society has revealed that most UK home buyers prefer properties with environmentally friendly features. When choosing between two properties of a similar size and value, 82% of respondents said that a home with solar panels would have more influence on their decision to purchase than a home with an attic room.
The research also asked would be homeowners what is most important when settling on where to live. Pleasant neighborhoods was most important according to 97 per cent of respondents and featured more highly than a good school catchment. Ample parking was also important to 89 per cent of those surveyed.
Inside the home, 54 per cent of respondents felt the kitchen to be most influential in their decision making process. The living room followed closely with 30 per cent of respondents ranking this as most influential and the most unlikely influence on home purchasing was the bathroom with 2 per cent of the votes.
Things that put purchasers off buying properties included properties that seemed at risk of flooding, poor building work or DIY and whether property was close to a busy road or railway line. Other factors that could put homeowners off buying properties included untidy homes and north facing gardens.
Nationwide chief economist, Fionnuala Earley, said: "It is great to see that, given the choice, most of us would opt for a 'green' home, although there's currently no evidence to suggest that environmentally friendly properties command a higher price. Having said that, with the recent publication of the government's climate change bill and the pressure on households to become more energy efficient, it is inevitable that environmental home improvements will have some impact on house prices over the long-term".
Homeowners looking to move, but find properties on the market off putting could consider improving what they've already got with a secured loan. One of many options to make home improvements, secured loans can be repaid over a term to suit the borrower, from 5 to 25 years. A secured loan may be used to extend, creating the vital space needed for a growing family. Extensions are not the only way to add space to properties, homeowners could consider using a secured loan to convert garages, lofts or to add a conservatory. Giving homes a complete make over could also make them feel fresh, with a brand new fitted kitchen and bathroom, new décor and even redesigning gardens. A secured loan could provide the finances needed to get current properties just how homeowners want them.

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Tuesday, April 10, 2007

Homeowners’ splash out on pre-sale home improvements

Recent news from Yorkshire bank has revealed that 1 in 3 homeowners plan to splash out on sprucing up their homes before they sell. However, 33% of buyers plan to completely re-decorate as soon as they move in, so homeowners who used the bank holiday weekend to boost their chances of a good sale with home improvements potentially wasted time and money.

The latest Housebuyers Survey from Yourkshire Bank found that one in three people (32%) looking to sell their homes plan some DIY before putting it up for sale, with a view to getting the best possible price. Moreover, with TV shows highlighting the importance of 'standard of finish' 25 per cent of homeowners plan to hire professionals to complete work, thus avoiding devaluing their properties with their own handiwork.

This said, Yorkshire Banks' research shows that this time and expense could be wasted as one in three buyers say they plan to completely redecorate as soon as they move into their new home to get rid of the previous owner's taste.

Gary Lumby, Yorkshire Bank's head of retail, said: "DIY can help present a house in the best possible light when you're trying to sell, but getting in the professionals is a wise move if you're not so handy in the decorating department yourself. Unless you play it safe with neutral colours and simple, stylish fittings, your hard work could go to waste - new owners want to make their own mark."

"An energy efficient home, whether it is motivated by concerns about global warming or the size of future heating bills, is moving higher up the wish-list. New kitchens and bathrooms can add value and keeping the colour schemes simple could help attract buyers as it creates a blank canvas. But practical improvements like cavity wall insulation rather than just cosmetic ones appear to be growing in appeal."

For those homeowners who love their current home and are loathed to move, a secured home improvement loan could be the solution. Homeowners planning to move to accommodate their growing families, and who are keen on home improvements, could consider improving what they’ve already got with a secured home improvement loan. Secured home improvement loans could provide the finances needed to add space as their families grow. Space adding projects that may be funded with a secured home improvement loan include loft and basement conversions, traditional extensions and also garage conversions. One of many options, secured home improvement loans can usually be repaid over a term to suit the borrower from 5 to 25 years.

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Wednesday, April 04, 2007

DFY (Done For You) out does DIY

As the peak season for home improvements is nigh, Brits have revealed that their love for DIY may finally be fading. This is according to the latest research from Woolwich mortgages which revealed that almost half of those surveyed confessed that they aren’t actually that keen on DIY and 75 per cent are tired of watching makeover / DIY programmes. 40 per cent of respondents said that their lack of enthusiasm for DIY is said to be down to not having the time, 37 per cent said that they were likely to do the job badly and 22 per cent thought that it invaded their leisure time.

Rather than do the job themselves, seven out of ten UK homeowners prefer to get someone in to do the job, or consider getting someone in before tackling the task themselves. Employing an expert was preferred by homeowners needing plumbing, extensions and by those who needed to install a new kitchen or bathroom. Other tasks that should be done for homeowners included carpeting, tiling or flooring, and replacing fires.

The survey also questioned the percentage of DIY tasks which go unfinished and it was found that a fifth of painting and decorating jobs are left uncompleted. Those most likely to opt for getting people in to complete work for them are those homeowners living in the East and West Midlands. Seven in ten questioned said it was due to the lack of time or the potential that DIY invades their leisure time.

Andy Gray, head of mortgages for Woolwich said: "It seems that the phrase 'time is money' applies to the UK’s new DFYers. People think their own time is precious and with the added concern that they are not going to do a good job, people are increasingly turning to experts to get the job done.

“Home improvements can make a tangible difference to the value of peoples homes, but a bad standard of work can drag the price down. Savvy buyers can often see through botched DIY jobs, meaning that sellers will either need to drop the price or employ an expert to re-do the task."

“In order to get the home improvements done properly people are increasingly looking to use their mortgage to fund them. With competition so high in the market place we are often able to reduce customers outgoings considerably on a monthly basis by remortgaging, which will help them afford to get the home improvement experts in.”

Homeowners planning on getting someone in to complete bigger projects for them, and who are looking for finance to pay for the projects, could consider a secured home improvement loan. One of many options to pay for grander home improvement projects, a secured home improvement loan could be used to fund an extension, garage conversion, loft conversion or even a basement conversion. These home improvement projects can provide the space needed to accommodate a growing family. A secured home improvement loan can also be used to give homes a long awaited makeover, or to refit kitchens or bathrooms as desired. Secured home improvement loans can usually be repaid over a term to suit the borrower from 5 to 25 years.

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Monday, April 02, 2007

A million missed bills due in January

News from MoneyExpert.com released in January reported that over a million missed bills were due during the first month of the year. Extravagant Christmas spending and early December salary payments are linked to unpaid bills according to MoneyExpert.com research.

It was said that 1.145 million bills ranging from credit cards and mobile phones to utilities and council tax were likely to remain unpaid into February. Credit card bills are where people were most likely to struggle according to MoneyExpert.com who estimated that around 332,500 people would miss a repayment. Council tax was said to be the second most likely bill payment to be missed in January.

Other predictions for missed bill repayments include water, personal loans, telephone bills and broadband internet connections. The research from MoneyExpert.com shows that almost one in ten adults said they had missed a credit card repayments during the last year. On average, the charge for a missed repayment stands at £12 meaning that Britain collectively paid at least £47.8 million in fees on credit cards during 2006.

Sean Gardner, Chief Executive of MoneyExpert.com, said: 'Money is always tight in January. Most of us struggle to come to terms with getting paid early in December plus heavy spending over Christmas. It's a difficult time and this can naturally lead to some people missing a bill payment. Missing a bill might not seem a big deal but it won't go away and often you'll be charged with a fee or extra interest if you don't pay up.'

Homeowners having to juggle several credit card repayments each month, could consider consolidating these with a secured debt consolidation loan. One of many options to clear credit card debts, a secured debt consolidation loan means that you'll know the exact day and amount to be repaid each month. Secured debt consolidation loans can usually be repaid over a term to suit the borrower, from 5 to 25 years. In addition to consolidating multiple credit cards, homeowners could consider clearing any existing personal loans with a secured debt consolidation loan. When considering a secured debt consolidation loan to clear existing debts, it is however important to remember that repaying borrowing over a longer term may increase overall interest charges.

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Monday, April 30, 2007

Bank of Mum and Dad vs. Charity of Mum and Dad

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A million set to work through retirement

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Thursday, April 26, 2007

Homeowners see average prices going up to £100,000

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Wednesday, April 25, 2007

Stay at home children

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Tuesday, April 24, 2007

Biggest UK debtors

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Friday, April 20, 2007

Spring cleaning personal finances

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Thursday, April 19, 2007

Buyers look to live in the country

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Wednesday, April 18, 2007

Homeowners push house prices through the roof

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Tuesday, April 17, 2007

Nine million visit DIY stores over Easter Bank Holiday

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Monday, April 16, 2007

Homeowners see small increase in property value during March

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Friday, April 13, 2007

UK is a nation of spenders

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Thursday, April 12, 2007

Average homeowner moves six times in their life

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Wednesday, April 11, 2007

What new homeowners look for when buying

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Tuesday, April 10, 2007

Homeowners’ splash out on pre-sale home improvements

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Wednesday, April 04, 2007

DFY (Done For You) out does DIY

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Monday, April 02, 2007

A million missed bills due in January

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