UK Secured Loans Blog: June 2007

Thursday, June 28, 2007

Fixed rate loans prove popular

According to the latest research from Mortgage Trust the number of borrowers taking out fixed-rate mortgages is at its highest level on record.

For the last two years, the number of people opting for fixed-rate loans has been rising steadily. However, the latest rise over the last six months has shown the most dramatic increase in borrowers taking out fixed rate loans.

According to Mortgage Trust, fixed rate mortgages, since September 2006, make up over 60% of the market. This is up from 48% before the Monetary Policy Committee had even begun their recent wave of rate hikes.

John Heron, Group Director of Mortgages, Paragon Group commented: “Our research also shows that an even higher proportion of landlords have been taking out fixed-rate loans. 78% of landlords have been opting for fixed-rate mortgages in recent months. Landlords are, in the main, shrewd investors, aware of the financial environment in which they are operating. As rates have started to rise, they have sought to ensure that they remain in a financially stable position.”

Those opting for shorter term deals according to the research are Landlords who choose the most popular fixed rate terms of two or three years. When the question was put forward of the least popular option, full term fixes were by far the least popular. Only one financial advisor rated them as being popular amongst their customers.

John Heron continued: “Landlords clearly have their doubts about short term interest rates, with most expecting a further increase. However, their long term expectations are more optimistic, with the majority of landlords looking to benefit from improved variable rates in two years’ time. Most landlords are astute investors and will position themselves appropriately to ride out any potential disruptions in the financial market.”

Homeowners opting for a remortgage could instead consider a secured loan as an alternative. Made payable over a term to suit the borrower from 5 to 25 years a secured loan is available for any amount between £10,000 and £100,000. Secured loans can be used for a number of options, whether it’s consolidating existing debt into one straightforward monthly payment or to fund home improvements, for example a new bathroom or modernising an existing kitchen with new appliances. With summer holidays just around the corner some homeowners could use their secured loan to fund a holiday of a lifetime whether it’s relaxing on a beach in the Maldives or skiing down under in New Zealand. Homeowners who are thinking of consolidating their debt should remember that borrowing over a longer term may increase overall interest charges. A secured loan is one of many options to rearrange finances.

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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Wednesday, June 27, 2007

Potential home owners are put off buying by the appearance of neighbouring properties

According to findings by Legal & General the external appearance of a neighbour’s property could be the deciding factor for potential buyers. Long gone are the days when putting fresh coffee on to brew and baking bread were enough to sway the decisions of buyers.
Almost nine in ten respondents would reconsider buying a property as a result of a poorly kept neighbour’s home according to research from Legal & General Insurance. The research asked more than 4,000 adults in the UK for their views on their neighbours and what would make them consider not buying a property and what would sway their decision.
Ruth Wilkins, head of communications, at Legal & General’s general insurance business commented: “Property is one of the major investments we make and with more people struggling to get on the property ladder the research would indicate that we are still very fussy about where we want to live. Our ‘Changing Face of Britain’ research suggests that people are reviewing wider issues than just the property itself when deciding that a new home is the right one for them. Who we may be living next door to is now a key consideration. It is interesting how much influence our neighbours can have on this key investment decision.
The changing face of Britain and the immediate community we live in is transforming the look and feel of today’s modern home. We would encourage potential home movers to look beyond the external appearance of a property and ensure they do fundamental checks on a potential property such as the structure, legal searches and whether the property can be insured.”
With Britain slowly becoming more culturally diverse, Legal & General’s research has shown that Brits are regularly judging one of their most important financial investments on face value.
Key findings from the research show that nearly half of young professional would think twice before buying a property next to a home with an un-kept garden. Those most likely to turn their noses up regarding the decoration of a property were empty nesters and same gender couples. One in five expressed that they would be put off by the poor decoration of a neighbouring property. Where there was damage to a neighbouring property such as broken or cracked windows, more than half of young professionals would not consider moving into next door. Same gender couples were less concerned with this issue with 39% expressing a concern. From the research, young professional were found to be the most tolerant with only 43% stating that they would be put off by noisy neighbours who were known to throw numerous parties compared to a larger 68% of families with young children who would see this as more of a problem.
Homeowners who are thinking of tidying up their properties by carrying out home improvements could consider a secured loan as one of the many options available. With a secured loan, many improvements could be possible to better the appearance of a property. Old Victorian houses could benefit from having the outside stone cleaned with a high- pressure jet which is used to spray the brickwork with a very dilute solution of hydrochloric acid which is then rinsed off, removing grime without any abrasive damage to the bricks. Giving your house a ‘face lift’ with a secured loan could help make it more appealing to the eye and also could add some value if you choose to sell. Gardens are another area that a secured loan could help improve. Landscaping a tired unruly garden into a clean cut modern retreat could ultimately sway the votes of potential buyers and with a secured loan, a landscaping company could be hired to complete the work in a matter of weeks. Secured loans are made payable over a term to suit the borrower from 5 to 25 years for amounts from £10,000 to £100,000.

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Monday, June 18, 2007

Debts can worsen with a pay rise

According to new research from Prudential, British adults who are expecting pay rises and bonuses are running up debt before they even receive the money in their bank accounts. More than 3.4 million get into debt spending before they have the cash.

A new group identified by Prudential, the ‘Money Illusionists’ are a growing group in British working adults. Around 17% admit to spending money they are due and 9% admit to running up debts averaging £1,414 each. This is equivalent to a total of £2.49 billion over the past five years.

After a bumper bonus round for many city high flyers, the rest of Britain looks on with nothing but a life of ‘money illusion’. Prudential offers a warning for many Britons, especially as nearly one in ten found after spending pay rises or bonuses, that the money that they received was less than they anticipated.

Prudential’s Business Insurance Director, Angus Maciver said: “Pay rises and bonuses ought to be the answer to most people’s financial prayers but in many cases they appear to be putting people further into debt. A pay rise or a bonus ought to be the trigger to get debt under control but too many of us simply see it as an excuse to spend more.

“It is particularly worrying that so many people appear focused on gaining ‘pleasure
now’, spending increases and windfalls rather than saving. As Britain’s consumer debt levels continue to grow it is vital that people make provision for good times and bad and we strongly encourage consumers to take financial advice and ensure that they have sufficient protection to enable them to weather any loss of income, as well as enjoying any increase.”

Due to Britons having to match their new income as a result of a pay rise or bonus, money lasts for just two months on average for many before expenditure increases. 30% said money lasts them just a month while 18% say just two weeks. In spite of these pay-rise and bonus-fuelled spending sprees, less than half (48%) of Britons say they have savings or insurance to tide them over in the event of job loss.

Even though the UK has unprecedented levels of consumer borrowing, less than a quarter of Britons say they have used bonuses or pay rises to pay off debts. A mere 3% used their pay rise or bonus to increase pension contributions and 15% invested or saved their money.

Areas where Britons were likely to spend the money included 19% on a holiday, 13% on home improvements, 12% on electronics, 11% on jewellery and clothes and 8% on partying and nights out.

Homeowners who are finding that, after a recent bonus or pay rise, that their credit and store card bills are mounting up could look at a debt consolidation loan as one of many options to consolidate debt. A debt consolidation loan could assist homeowners by gathering multiple monthly store and credit card payments into one straightforward payment made payable on the same day every month. Worrying about when payments will be made and how could be a thing of the past with a secured loan, finances could be organised leaving homeowners to plan their finances ahead with confidence. Homeowners should remember that repaying over a longer term will increase overall interest charges. A debt consolidation loan is made payable over a term to suit the borrower from 5 to 25 years.

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Friday, June 15, 2007

Holiday fever sends quarter of Brits jetting into the red

A new study on holiday spending by CreditExpert.co.uk, the online credit monitoring service from Experian, has revealed that 12 million Brits fall into debt paying for holidays. Ways in which more than a quarter of Brits find themselves in debt are by paying for their holiday using a credit card, taking out a loan or using their overdraft. More than one in 20 go into debt every time they go on holiday.

According to the research, there seems to be a complacent attitude about holiday spending among the credit generation despite recent rises in interest rates and the ever increasing cost of living. For almost a fifth of Brits who fall into debt securing the perfect holiday, they do so as not to disappoint their partner or family and admit that their trips are so important that they push the problems of money further back.

Those most likely to fall into debt securing a holiday are West Midlanders with 26% of the 2,000 adults surveyed. Those in the age range of 18 to 24 are the most relaxed with more than a third admitting that they would think about the money later after the holiday.

Jim Hodgkins, Managing Director of CreditExpert.co.uk, says: “It’s worrying that, as a nation, many of us have a ‘me now, debt later’ attitude to our finances. Most of us work hard and need a well-earned break, but it’s important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail.

“Keeping a budget for the cost of the vacation as well as day-to-day holiday expenses will help you avoid going into debt. Missed credit repayments are likely to have a negative impact on your credit report, which means lenders may not want to offer you credit in future.”

By failing to plan ahead many homeowners are finding that they are more likely to fall into debt. A fifth admits that they lose track of their spending on holiday and as a result fall into debt, a further 18% said that they only thought about money and costs after the holiday.

The most likely to get carried away with spending on holiday are those aged 25-34, with almost four in ten admitting this was the cause of their debt. While women are generally thought to be the most likely impulse spenders, this is contradicted by the survey, which shows that those who run up travel debt are more often men with 26% being over enthusiastic when spending on holiday.

Homeowners wishing to consolidate existing debt, whether it’s mounting credit or multiple store card bills before they go on holiday, could look at taking out a secured loan as one of the many options available. A debt consolidation loan could help homeowners place all their debts in one place. Knowing exactly when your one monthly payment will go out will allow homeowners to plan their finances with confidence. As well as making payments more straightforward, a debt consolidation loan could also reduce outgoings by stretching repayments over a term to suit the borrower from 5 to 25 years. Homeowners should remember that repaying your borrowing over a longer term may increase overall interest charges.

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Thursday, June 14, 2007

UK homeowners loft conversions go through the roof

A study conducted by AA Home Insurance reveals that British homeowners have spent more than £90billion converting unused space into living space. Areas that have been converted range from attics, garages and cellars to garden sheds.

The main reason for a fifth of homeowners undertaking such conversions are the possibility of increasing their property’s value especially with ever increasing house prices and the rise in stamp in duties. 27% cited this as the main reason behind their decision. New planning permission regulations that make the conversion process easier for homeowners also adds to the popularity for this kind of home improvement.

The study also found that 17% of homeowners would have preferred to keep the ‘dead’ space as it is, but needed more room and couldn’t afford to move. With the average house price being £210,000, a conversion is a cheap way of increasing a home’s value. () Attics were the most popular option with the average conversion costing just over £10,000. For almost half of people who chose to increase their home’s space with a conversion, the average spend was less than five thousand pounds according to the AA.

Of the 2,000 UK adults surveyed AA Home Insurance has also found that almost one in five convert to make space for adult children. The research also noted an increase in the trend of building ‘Outhouse Offices’ in an attempt to keep the office a safe distance from home, 15% of homeowners were seen to follow this trend converting their sheds and outhouses into working spaces.

Janet Pell, head of home insurance at AA Insurance, says: “Many homeowners relish turning unused or ugly areas of their homes into livable rooms as it means more space for family and less dusty boxes and clutter. But it is important that you ensure you have the appropriate building regulations approval before going ahead. And make sure you update your home insurance cover following an extension or conversion – your three-bed cottage might suddenly become a four-bed house – and of course, you’ll have additional furniture and possessions, too.”

Homeowners with growing families could find that they are lacking space. A home improvement loan, one of the many options available to finance home improvements, could allow for families to build an extra room whether to house extra beds or even a bathroom. For those who have attics, an attic conversion is a worthwhile investment and could allow for extra workspace or a place for weary guests to spend the night. With a secured loan contractors and decorators could be financed to make sure the job is carried out correctly. If homeowners find that they have funds left over from their secured loan, it could allow for other home improvements whether it’s a spot of decorating or furnishings for your new space. A home improvement loan is made payable over a term to suit the borrower from 5 to 25 years for amounts between £10,000 and £100,000.

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Homeowners suffer as neighbours do some damage

Abbey Home Insurance has recently found through its research that over half a million homeowners suffer damage caused by their neighbours every year. Collectively the amount in damage caused each year is more than £93.4 million, which calculates on average to £172 per household. The cost for one in twenty of these people is much higher with damage in excess of £1,000.

Those homeowners who live in London were the most likely to encounter damage caused by their neighbours according to the research with one in ten households suffering. Those least likely to be affected according to the research were those in Wales.

Prasad Shastri, Head of Insurance Marketing at Abbey, said: "Not all damage caused to people’s homes by their neighbours is malicious, in many cases this type of damage is accidental. However there are often misconceptions about whose insurance is to be used to claim for it.

“It is always the policy holder of the damaged home that will need to submit a claim. For example, if your neighbour was to cut down a tree that accidentally breaks a window, it is only you that can claim for damage to your property, not your neighbour, highlighting how important it is for you to make sure your insurance covers you against accidental damage caused to your property by other people”.

When looking for good home insurance, Abbey says that if purchasing your home insurance based on the price alone it may leave you underinsured. Also, make sure you check that as well as a competitive price, you are receiving the appropriate amount of cover for your home and its contents.

Homeowners who might not have suffered damage to their homes but would like to make some general improvements, could consider funding these with a secured loan. One of many options available to finance home improvements, a home improvement loan could allow homeowners to carry out basic repairs to their homes and gardens, for example a new fence or redecorating. Homeowners might even wish to consider adding a conservatory where they can relax during the warm summer evenings. Whether it’s a room extension for a growing family or a new modern kitchen to entertain guests, a secured loan () could allow homeowners to carry out the home improvements they have been dreaming of. Made payable over a term to suit the borrower from 5 to 25 years and any amount from £10,000 to £100,000, a home improvement loan could allow for professional decorators and contractors to come in to carry out the job properly.

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Wednesday, June 13, 2007

One million homeowners return from holiday to a £2.3 billion ‘repair’ bill

New research from Halifax Home Insurance has found that over one million British holidaymakers return from a holiday to find that their house is not as they left it. The insurer’s research has revealed that in 2007, British holidaymakers can expect to return to a £2.3 billion repair bill to cover the damage caused by criminals, the elements, friends and family and faulty utilities.

Burglars have paid a visit to around 2.5 million homes over the past 10 years whilst the owners have been on holiday. These burglaries have cost more than £820 million per year to replace stolen items and repair damage to the home. As well as burglaries more than 600,000 holidaymakers have returned to find their home vandalised in their absence.

The elements have also caused many homeowners headaches on their return. 1.7 million Brits have arrived home to find that their properties have suffered over £960 million of damage a year to put right as a result of water damage from burst or leaky pipes. Almost 700,000 Brits have returned to storm damage and over 100,000 to fire damage.

Friends and family are also a cause of damage it seems according to Halifax Home Insurance. Almost one million Britons came back home to find that their children had played havoc in their homes totaling over £40 million annually. House sitters also caused a problem for almost half a million people who found that damage had been caused by people they had trusted to look after their homes.

Utilities are another area where Britons suffered bills for repair. Faults appeared in central heating, hot water, gas or electricity, which resulted in a cost in excess of £210 million per year to fix.

Vicky Emmott, senior manager of underwriting at Halifax Home Insurance, commented:
“Home disasters can be extremely distressing at the best of times, so returning to one after a relaxing holiday would certainly bring you back down to earth with a bump, so having adequate home insurance cover to protect your property - whether it’s occupied or not - is absolutely critical. After unexpected shocks like these we find that policyholders really appreciate our personal claims consultants who are highly trained to help customers get their lives back to normal with minimum fuss. As well as making sure they are insured there are lots of other practical things that holidaymakers can do to protect their properties whilst they’re away. For example, ensuring that the heating comes on during the winter can prevent pipes from bursting, and canceling regular deliveries like milk or newspapers make it less obvious to a thief that your property is vacant.”

Homeowners wishing to carry out essential home improvements before they depart on holiday or even to rectify any problems that arose while on their holiday could consider taking out a secured loan, one of the many options available to help finance these projects. A home improvement loan could allow homeowners to repair utilities and even help towards the purchase of a new boiler. Whether homeowners choose to fund large projects such as retiling a roof to protect against the elements or simply a lick of paint to cover unsightly water damage on walls, a secured loan could be the answer. Contractors could be financed to modernise old fashioned kitchens or leaky bathrooms using a home improvement loan. Made payable over a term to suit the borrower from 5 to 25 years, a secured loan could ensure that homeowners are glad to be returning home after a holiday.

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Tuesday, June 12, 2007

Homeowners fund improvements with loans, credit cards or a remortgage

Savvy homeowners who are opting to stay in their properties as opposed to battling the soaring house prices are considering developing their current property to increase the value of their home according to moneysupermarket.com. Research has shown that 45% of people believe that home improvements are undertaken to increase the value of a home. An additional 35% believe that it’s a bonus if home improvements add value but otherwise believe that property developments are made to make a home nicer or better.

Research conducted by moneysupermarket.com has found that 7.8 million homeowners have made some home improvements are keen to do more in the future. Among these homeowners there are 1.7 million who have improved other homes and are planning more in their spare time.

Louise Cuming, head of mortgages at price comparison website moneysupermarket.com, said: “It's no surprise we have a bevy of budding property developers out there. With house prices having escalated dramatically over the past five years, along with the cost of stamp duty and mortgage fees, many people are turning to home improvement instead. It seems a large number of people are getting into debt to develop. No doubt, the thinking behind this is there will be a return on investment. Still, it is a worrying statistic that so many people are using a form of credit to finance work, especially with interest rates having risen one per cent since August.

“People taking out credit should compare the market to make sure they are getting the best deal. It may make sense to make small purchases on a credit card (especially if you have a 0 per cent offer), but when it comes to larger renovations, people need to consider their monthly budget when deciding whether to take out a loan or to remortgage.”

The younger generation that is those aged 25 to 34 are the keenest when it comes to home improvements, with nearly two thirds planning to do more compared to the British average of 47%.

When it comes to financing these improvements, in two in five cases, some form of credit such as a loan, credit card or remortgage, has been used to pay for the home improvements. Remortgaging seems to be popular with those aged 35 to 44 while borrowing from friends or family seems to be what those aged 18 to 24 seems to lean towards.

The research also revealed one in five homeowners have found improvements stressful and expensive. This number increases to a quarter of 45 to 54-year-olds.

Homeowners considering a remortgage could look at a secured loan as an alternative. Home improvements like renovating a kitchen or repainting a living room could be financed with a home improvement loan. Made payable over a term to suit the borrower from 5 to 25 years, a secured loan could allow many homeowners to carry out extensive work to their property like an extension which could add value to a property in the long run. Decorators and contractors could be financed with a home improvement loan ensuring that work that is carried out is to a professional standard.

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UK holidaymakers go green and ditch flying

According to AA Personal Loans, it seems that millions of Brits are preparing to avoid air travel this summer and go green. Their research has hinted towards a welcome boom to the UK tourism industry as more Brits choose to holiday closer to home.

As the countdown begins for another May bank holiday and consequently the holiday airport madness as Brits everywhere get ready for another summer holiday season. New research from AA Personal Loans gives the first indication of the possible carbon backlash on holiday travel plans this summer. Their research included more than 2,600 Britons and explored the impact of the climate change debate on UK holiday plans for the summer.

The popularity of a car holiday seems to have grown, AA Personal Loans has found that more than one in five British holiday makers are now more likely to travel by car to a destination rather than fly as a result of the publicized impact on the environment. As a result, UK tourism will benefit the most from these plans with 20% of Brits planning a UK break whilst 11% intend to drive somewhere in Europe.

Less than half of people plan to maintain plans for short haul flights to Europe while 3% said that the carbon footprint debate had led to them canceling their holiday plans completely.

The rebirth of car holidays in the UK sees the Scots leading the way with a quarter choosing cars over airplanes, whilst those in the South West plan to fly to Europe regardless. One in ten said that they were likely to consider a holiday in the UK.

As a result of this rebirth, the car buying market may see a greater demand. Research has shown that one in five considering a driving holiday to Europe is looking to purchase a more comfortable car. Environmentally conscious British motorists, one in five motorists, are looking to purchase a more environmentally friendly car in the next year. A rise in popularity of diesel cars, as a result of the environmental and economic benefits, shows that Brits are becoming more environmentally aware.

Lloyd East, Director of AA Personal Loans said, “AA Deals on Wheels reports have shown a consistent increase in the demand for more environmentally friendly vehicles over the last year. This research further exemplifies the changes people are making to their car purchase and travel plans in order to decrease their carbon footprint. It is encouraging news that Britons are following Prince Charles’ example and thinking twice before taking short haul flights which can have significant impacts on the environment.”

Homeowners who are planning to venture on a car holiday could consider investing in a comfortable environmentally friendly vehicle. A secured loan, one of the many options available, could help finance this purchase. Long motorway journeys are particularly unpleasant as it is without adding the issue of a small cramped car to the equation. Growing families could also benefit from the purchase of a larger vehicle. With a secured loan, a number of extras like MOT’s and vehicle insurance, things that many motorists do not take into account when calculating the cost of a vehicle, could be taken care of. A Hybrid car that combines a petrol and electric engine could be funded with a personal loan, for homeowners who are keen to decrease their carbon footprint.

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Monday, June 11, 2007

Homeowners’ gardens and houses suffer as Britain heats up

As warm summer weather is just around the corner thirsty trees are sucking water out of the soil, which in turn is destabilising the foundations on which properties lie. According to new research from Halifax 80% of garden centre managers reported increasing numbers of homeowners with subsidence concerns in the last twelve months. As the Met Office predict above average temperatures this summer, Halifax Home Insurance say that this could increase the number of subsidence claims especially as subsidence claims saw a 50% increase in the past five years.
With the warmer weather, garden centers are seeing green fingered Brits tending towards exotic plants. Three quarters of garden centre managers have seen an increase in demand for specimens such as bamboos and palms. As a result 44% said they have begun to stock greater varieties of plants suited to a Southern European climate.

Neil Curling, senior manager of structural claims at Halifax Home Insurance, said:

“Last year’s water restrictions highlighted the threatening conditions for subsidence. With Britain having already experienced unprecedented high temperatures in 2007, and an extremely dry April, we are concerned that increasing numbers of properties could be affected and are urging householders to be vigilant to this threat.”

“Green-fingered Britons planting new exotic species, should carefully research the impact they could have on their garden and their home. Britons may be unaware of the appropriate distance to plant an exotic species away from their property to ensure the tree or shrub’s root system does not cause subsidence later down the line as the roots take water out of the soil. Just cutting back a tree or shrub to the size it was last year may be enough to keep subsidence at bay during an average summer and save the anxiety, inconvenience and cost of subsidence damage. If severe drought approaches then more radical cutting may be required. ”

There has been a 10% decline in the sale of plants due to water restrictions over the past twelve months according to over half of Britain’s garden centre managers. Gardeners may turn to planting species suited to a Southern European climate if temperatures continue to rise and the country witnesses increased water restrictions. According to research, plants that are expected to perform better due to a warmer British climate include yuccas, palm, olives and ginger.

Homeowners wishing to make the most of this summer’s warm weather could look at a secured loan as one of the many options available to improve their homes and gardens. A secured loan could help fund the building of a conservatory or even a basic greenhouse allowing homeowners to make the most of sunshine whether it’s an extra room for entertaining guests or extra space for indulging their hobbies. Even simple improvements such as painting a garden fence or even purchasing new garden furniture so that long warm evenings spent outside are even more enjoyable. With a secured loan, a mountain of garden possibilities could be available, allowing homeowners to spend their summer’s floating from BBQ’s to outdoor garden parties. A secured loan is made payable over a term to suit the borrower from 5 to 25 years.

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Friday, June 08, 2007

Is money the last taboo?

New research from Scottish Widows reveals that people would rather talk about sex and health than money. The research revealed that nearly nine out of ten keep their salaries a secret from their friends and two out of three don’t even tell our families how much we get paid.

Money is fast becoming Britain’s most uncomfortable topic. According to the research, couples are happier discussing health issues than discussing money. Nearly one in five of us are uncomfortable discussing salary, savings, and investments with partners, and are keen to avoid it if possible. The same situation applies with discussing money issues with friends. Three quarters of people admit to feeling uncomfortable and are twice as happy to talk about relationship worries and health problems.

It seems that work is the one place where most of us are actively discouraged from talking about how much we’re getting paid. Saying this however, women seem to be more secretive. The study shows that men are almost twice more likely to share salary secrets with their colleagues than they are with their mates. One in five men will happily disclose their salary to people they work with.

More than a third of partners do not know exactly how much their significant other earns, and can only give a rough estimate. 5% of couples are unable to give even a rough estimate of how much their partners earn.

According to the research conducted by Scottish Widows, the area of the UK that is the tightest lipped about money is the South of England (excluding London). 70% kept their salary a secret from their family and 88% refusing to tell their friends what they earn. On the other hand, Londoners are the most relaxed in the UK. 59% are happy to tell their relatives what they earn and a quarter discussing wages with mates.

Mike Hoban, Customer & Brand Marketing Director of Scottish Widows, says: “As a nation, we’ve become increasingly liberal - we are happy to talk to our loved ones about sex, relationships and health problems, but despite this modern trend in honesty it seems that money is now the topic we avoid. It’s no surprise that the nation is under-saving and under-preparing for the future when money is clearly such an uncomfortable subject. If you really can’t face discussing money with people you know, it might be a good idea to seek professional financial advice.”

Those homeowners who find that mounting credit and store card bills are adding to their financial concerns, could consider consolidating these with a secured debt consolidation loan. One of many options to consolidate debt, a secured loan will put all outstanding credit into one place and the exact amount and date that payment will be taken will be known each month. It is important to remember with a debt consolidation loan that repaying borrowing over a longer term will increase overall interest charges.

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Thursday, June 07, 2007

Outlook for the housing market is subdued

Moneyextra, commenting on the housing market in April, reported that the housing market continues to mark time, the average house price is increased by 0.82% on the previous month of March. This amount is still below the prices seen at the end of 2006. The average property value of £222,117 is up merely 3.4% on last year.

For both first time buyers and home movers, a small increase in the average house price was noted reflecting a small pick up in activity during the spring.

For the rest of 2007, the property outlook remains restrained, possibly due to the postponement and watering down of the proposed Home Information Packs that were due to be introduced in June.

Robin Amlôt of Moneyextra said, “With HIPs no longer looming over property, one interest rate rise in May and the strong prospect of one or even two more base rate rises to come, the mortgage market will be very quiet.

“While it still appears unlikely that house prices will actually fall back, turnover in the market will fall. More people will choose to stay put – a trend likely to be reinforced by the proposed relaxation of planning regulations, making it easier to expand and improve existing homes.

“That means the market for remortgaging will be where most of the action is going to be in the next 12 months as homeowners look to add value and space to their existing properties.”

Homeowners wishing to climb up the property ladder could consider a home improvement loan to improve what they already have rather than face a big move. Areas where homeowners could consider improving, include kitchens and bathrooms. Modernising a kitchen by replacing dated units and utilities could add instant value to a property whilst adding a new feel. A secured loan could assist with the building and allow for professional contractors to come and complete the job, ensuring that homeowners have a professional finish. Bathrooms could be fitted with state of the art jacuzzi whirlpools and re-tiled to add character and a home improvement loan could also finance the installation of a new boiler to ensure that there is enough hot water for even the largest of families. A home improvement loan is made payable over a term to suit the borrower from 5 to 25 years.

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Wednesday, June 06, 2007

Homeowners add value with loft conversions

New research conducted by GE Money Home Lending has shown the differing opinions between homeowners and estate agents when it comes to profitable home improvements. Many homeowners wrongly believe that new kitchens and bathrooms are the most valuable property improvements whereas estate agents opinions differ. They believe that loft conversions and extension can offer over £28,000 more value. In London a loft conversion can add a staggering £45,000 to an average property.

The least profitable home improvement projects according to estate agents include new flooring and garden decking.

Giacomo Gigantiello, Unsecured Loans Sales Leader, GE Money Home Lending explains “Homeowners planning improvements to their homes this summer to specifically increase the value of their property could be missing out on the most valuable additions. At a time of year when many are planning to improve the value and desirability of their homes, it is important that consumers appreciate and establish DIY and renovation tasks which will add the most equity to their particular home. In many cases homeowners automatically opt for a new kitchen or bathroom. Whilst these are valuable additions to any home, the findings from this research show that it is also important to consider improvements that will ultimately increase a property’s living area.”

According to GE Money Home Lending, homeowners that are keen to increase the value of their property often undertake the wrong home improvements. The top three home improvements that homeowners opted for combined would not increase the value of a property by as much as a loft conversion, the top choice made by estate agents.

On average a new kitchen and bathroom, the top two choices of home improvement for homeowners, would add only £13,400 to a property whereas a loft conversion and room extension could improve the value of a home by almost £42,000. According to research many people think simply redecorating rooms adds more value than a loft, an extension or a conservatory.

The profitability of home improvements differs considerably depending on region and style of property according to the research carried out by GE Money Home Lending. For more metropolitan and densely populated areas like London and the South East, loft conversions on average offer the best potential increase to a property’s value, adding as much as £44,500. In Yorkshire, conservatories which back on to open spaces benefit properties most, adding almost £25,000. On the other hand, estate agents believe that the least profitable improvements include outdoor decking, but this too depends on the region. In areas such as London where homeowners need to make the most of any outdoor space, decking can add on average £2,350, whereas in the countryside, like the South West, a decked or terraced area adds only £470.

Before carrying out home improvements, homeowners need to take into account the area where they are living and the type of property they are living in. Those considering large projects such as loft conversions and extensions could consider a home improvement loan, one of the many options available for homeowners wanting to carry out home improvements. Using a secured loan to carry out home improvements could also potentially add considerable value to homeowners properties. A secured loan could allow for professional contractors to come in ensuring that the job is carried out to the highest standard. Whether homeowners are looking to add a large amount of value to their property or would just like to improve the appearance through a lick of paint, a home improvement loan could be the answer. Made payable over a term to suit the borrower, a home improvement loan can be paid over a term of 5 to 25 years.

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Friday, June 01, 2007

Young rush into home buying

According to new research by Engage Mutual, today’s under 25’s are anticipating buying their first home before their grandparents did. Growing financial limitations mean those under 25 are delaying moving out of the family home by three years and getting married by four and a half years, compared to their older counterparts. One third of Britons under 25 predict waiting until they are at least 24 before affording to move out.
However, as acceptance of debt grows, and despite property prices skyrocketing in some areas, under 25 year olds anticipate buying their first home almost a year ahead of their grandparents.
It seems that the under 25s are more optimistic when it comes to purchasing a new home, with 61 percent already having bought or anticipating buying a first home before they are 30. Just over one in two (58%) retirees bought their first home by the time they were 30.
A British representative sample of 2,300 adults was questioned as part of a 3GB campaign, exploring how finances impact the experiences of generations. Engage Mutual questioned these Britons about their aspirations and experiences. It was discovered that whilst under 25 year olds may be struggling to move on in life, they are accepting debt to get onto the property ladder.
Karl Elliott, 3GB Spokesperson for Engage Mutual said “Young people today face a very different financial landscape than today’s retirees faced forty years ago. With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt. As a result, attitudes to financial milestones are changing.
“While it is encouraging to see that today’s under-25s are not put off by ever-increasing house prices, it is important that they are as prepared as possible when it comes to savings. By putting away a little and often over the long-term, both parents and off-spring can cope better with the financial milestones to come.”
If homeowners are discovering that they are making multiple payments every month for various credit and store cards, a large part of that monthly repayment could be interest. A debt consolidation loan could be one of the many options that a homeowner could look at to rearrange their finances. Knowing exactly when your one monthly payment is debited could allow homeowners to plan ahead. A debt consolation loan is made payable 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. When choosing a debt consolidation loan to consolidate credit and store card debts, homeowners may also consolidate existing loans.

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Thursday, June 28, 2007

Fixed rate loans prove popular

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Wednesday, June 27, 2007

Potential home owners are put off buying by the appearance of neighbouring properties

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Monday, June 18, 2007

Debts can worsen with a pay rise

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Friday, June 15, 2007

Holiday fever sends quarter of Brits jetting into the red

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Thursday, June 14, 2007

UK homeowners loft conversions go through the roof

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Homeowners suffer as neighbours do some damage

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Wednesday, June 13, 2007

One million homeowners return from holiday to a £2.3 billion ‘repair’ bill

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Tuesday, June 12, 2007

Homeowners fund improvements with loans, credit cards or a remortgage

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UK holidaymakers go green and ditch flying

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Monday, June 11, 2007

Homeowners’ gardens and houses suffer as Britain heats up

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Friday, June 08, 2007

Is money the last taboo?

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Thursday, June 07, 2007

Outlook for the housing market is subdued

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Wednesday, June 06, 2007

Homeowners add value with loft conversions

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Friday, June 01, 2007

Young rush into home buying

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