Friday, January 15, 2010
Illegal UK loans sharks profit from Christmas
Some of the UK's poorest people are starting 2010 in severe debt after borrowing from loans sharks to pay for Christmas.
The Financial Inclusion Centre said 100,000 families had borrowed a total of £29m from illegal money lenders.
The think tank said on average it would take a year to pay the money back as lenders recouped three times the value, with some interest rates up to 1,500%.
The average amount borrowed was £288, but the average repayment was £820.
Mick McAteer, director of the Financial Inclusion Centre, said: "Because of the financial crisis, the High Street banks are restricting the access to loans to those people they consider to be low risk or [have a] higher income.
"That tends to push more and more people out into the hands of loan sharks."
The research was commissioned by housing association Circle Anglia, after it noticed loan sharks increasingly targeting its residents.
The government's consumer minister, Kevin Brennan, said: "It is worrying that people are borrowing these sums of money from loan sharks, because they're illegal.
"In the law they don't have to pay it back, and my advice would be don't go to a loan shark if you need to borrow. Approach a credit union or one of our debt advice teams."
Chris Tapp, of charity Credit Action, urged people to contact the police if they fell victim to loan sharks, because the lending was illegal.
He said: "It often feels like the only option is to go for the person they know of locally, to go to the loan shark, but that's not actually the case.
"In a lot of communities now around Britain there are credit unions or local finance organisations that operate from the 'third sector'.
"They're not-for-profit organisations that can lend money at considerably lower rates.
"It's not actually as cheap as you'd get from a bank, but it's much cheaper than borrowing from an illegal lender."
Also, the government's social fund helps people on low incomes and on benefits when they need crisis loans immediately, he said.
The Financial Inclusion Centre said 100,000 families had borrowed a total of £29m from illegal money lenders.
The think tank said on average it would take a year to pay the money back as lenders recouped three times the value, with some interest rates up to 1,500%.
The average amount borrowed was £288, but the average repayment was £820.
Mick McAteer, director of the Financial Inclusion Centre, said: "Because of the financial crisis, the High Street banks are restricting the access to loans to those people they consider to be low risk or [have a] higher income.
"That tends to push more and more people out into the hands of loan sharks."
The research was commissioned by housing association Circle Anglia, after it noticed loan sharks increasingly targeting its residents.
The government's consumer minister, Kevin Brennan, said: "It is worrying that people are borrowing these sums of money from loan sharks, because they're illegal.
"In the law they don't have to pay it back, and my advice would be don't go to a loan shark if you need to borrow. Approach a credit union or one of our debt advice teams."
Chris Tapp, of charity Credit Action, urged people to contact the police if they fell victim to loan sharks, because the lending was illegal.
He said: "It often feels like the only option is to go for the person they know of locally, to go to the loan shark, but that's not actually the case.
"In a lot of communities now around Britain there are credit unions or local finance organisations that operate from the 'third sector'.
"They're not-for-profit organisations that can lend money at considerably lower rates.
"It's not actually as cheap as you'd get from a bank, but it's much cheaper than borrowing from an illegal lender."
Also, the government's social fund helps people on low incomes and on benefits when they need crisis loans immediately, he said.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, home loans, refinancing rates, sub prime loans
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Thursday, December 24, 2009
Cost of UK loans close to Italy debt interest rates
The cost of borrowing for the British citizens has surged to within a whisker of Italian levels as global debt markets issue their damning verdict on the labour Government’s spending plans.
The yield on 10 year gilts rocketed yesterday to 3.97pc, 46 basis points higher than costs on French bonds.
Britain and France were neck and neck as recently as last month, before Labour’s pre-Budget report raised deep concerns among Chinese, Arab, and Russian investors about the credibility of British state.
But what has caught market attention is the narrowing gap with Italian bonds, once mocked as the symbol of an ill-governed nation in thrall to the Dolce Vita.
Yields on 10-Italian treasuries have been hovering just above 4pc despite the eurozone’s Greek crisis, dropping as low as 3.98pc earlier this week.
Britain is vulnerable to a “gilts strike” because foreign investors own £217bn of UK debt, or 28pc of the total. These are footloose funds and likely to sell large holdings if Britain loses its AAA rating.
They have other tempting places to park their money, such as Turkey, Brazil, or India, where demography is healthy and growth prospects are better. Chile has already undercut British debt yields on some maturities.
Italy has its own problems, of course. Public debt was much higher before the crisis began. The IMF expects it to reach 120pc of GDP next year. However, this debt is mostly owned by high-saving Italians, who are less fickle than foreign funds.
For Italy, this may just be the calm before the storm. Markets assume that Germany will ultimately bail out Greece if necessary, preventing contagion to the rest of the Club Med bloc.
This is a questionable judgement. Volker Wissing, head of the finance committee of the German Bundestag, said it must be made explicit that “Germany will not take responsibility for Greek debts”.
The yield on 10 year gilts rocketed yesterday to 3.97pc, 46 basis points higher than costs on French bonds.
Britain and France were neck and neck as recently as last month, before Labour’s pre-Budget report raised deep concerns among Chinese, Arab, and Russian investors about the credibility of British state.
But what has caught market attention is the narrowing gap with Italian bonds, once mocked as the symbol of an ill-governed nation in thrall to the Dolce Vita.
Yields on 10-Italian treasuries have been hovering just above 4pc despite the eurozone’s Greek crisis, dropping as low as 3.98pc earlier this week.
Britain is vulnerable to a “gilts strike” because foreign investors own £217bn of UK debt, or 28pc of the total. These are footloose funds and likely to sell large holdings if Britain loses its AAA rating.
They have other tempting places to park their money, such as Turkey, Brazil, or India, where demography is healthy and growth prospects are better. Chile has already undercut British debt yields on some maturities.
Italy has its own problems, of course. Public debt was much higher before the crisis began. The IMF expects it to reach 120pc of GDP next year. However, this debt is mostly owned by high-saving Italians, who are less fickle than foreign funds.
For Italy, this may just be the calm before the storm. Markets assume that Germany will ultimately bail out Greece if necessary, preventing contagion to the rest of the Club Med bloc.
This is a questionable judgement. Volker Wissing, head of the finance committee of the German Bundestag, said it must be made explicit that “Germany will not take responsibility for Greek debts”.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, interest rates, labour liars, refinancing rates, sub prime loans, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 11:51 AM 0 comments
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Tuesday, December 15, 2009
New debt repayment system talked about
A group which reports directly to the Cabinet Office and the Government's chief scientific officer meets to discuss various proposals including setting up better co-ordinated "debt care pathways" between health professionals and debt advisers.
The so-called "Foresight Project on Mental Capital and Wellbeing" will also look at the idea of a "voluntary register for bipolar people to prevent them from overspending".
Other initiatives are also taking place, coming from government, psychiatrists, the debt advice world and even from lenders. They are responding to the fact that mental health seems to be a more widespread factor in debt than was previously thought. The "one in four" statistic – one in four people with debt problems also suffers from depression or another condition – is well-established.
Other initiatives are also taking place, coming from government, psychiatrists, the debt advice world and even from lenders. They are responding to the fact that mental health seems to be a more widespread factor in debt than was previously thought. The "one in four" statistic – one in four people with debt problems also suffers from depression or another condition – is well-established.
But the real figure could be much higher. As many as "half of all adults in debt may have a mental health problem", according to the Royal College of Psychiatrists, which published new evidence in October, along with charities Rethink and the Money Advice Trust.
The problem is that debt can also induce depression as a natural reaction. "It's chicken and egg," says Frances Walker of the Consumer Credit Counselling Service. "Which comes first – debt or depression?" And Fred (not his real name), a debtor-turned-debt adviser, says: "Debt, depression and divorce, the three Ds, go hand in hand."
Until four years ago, there was very little assistance for the depressed or other mental health sufferers in this field. The notion that they might have special problems was something that was rarely discussed. Since then the work of some 20 or 30 committed people has pushed the issue up the agenda. So, only a week ago, a new form was launched which enables health and social care professionals to assist those who are unable to control their financial matters.
The problem is that debt can also induce depression as a natural reaction. "It's chicken and egg," says Frances Walker of the Consumer Credit Counselling Service. "Which comes first – debt or depression?" And Fred (not his real name), a debtor-turned-debt adviser, says: "Debt, depression and divorce, the three Ds, go hand in hand."
Until four years ago, there was very little assistance for the depressed or other mental health sufferers in this field. The notion that they might have special problems was something that was rarely discussed. Since then the work of some 20 or 30 committed people has pushed the issue up the agenda. So, only a week ago, a new form was launched which enables health and social care professionals to assist those who are unable to control their financial matters.
The "Debt and Mental Health Evidence Form" collects together details of social care and health advisers and some evidence of the problem, and can be used to inform lenders that they need to take special care in this person's case. "This will be incredibly important," says Maggie Kirkpatrick, adviser at the CCCS centre in Eastbourne.
Help is at hand: Free debt advice
While those with enough money might prefer to employ the services of lawyers, accountants and other professionals to help them get out of financial difficulty, many people of limited means often require free debt advice. The organisations below can such help.
* Consumer Credit Counselling Service: www.cccs.co.uk and 0800 138 1111
* Citizens Advice: www.citizens advice.org.uk and via local advice centres
* National Debtline: www.nationaldebtline.co.uk 0808 808 4000
Debt woes: 'I felt suicidal. You lose all sense of proportion'
What to do if you are suffering depression or some other kind of mental illness:
1. Try to tackle your debts before they mount up. By confiding in someone else now rather than in a year you can save yourself money and years of worry.
"The idea that I was going to commit suicide over a debt of £5,600 seems incomprehensible now," says Fred (not his real name), a debtor-turned-debt adviser. "But you lose all sense of proportion."
2. Go to your doctor about the anxiety or mental illness aspect. People often attribute sleeplessness and agitation to worry, says Maggie Kirkpatrick of the Consumer Credit Counselling Service (CCCS).
3. Speak to someone else about your finances – a friend but, preferably, a debt adviser. They are used to dealing with these issues and will not be shocked. CCCS takes about 300,000 phone calls a year on debt problems. They can contact your debtors for you, listen to your story and help you get back on course.
4. Avoid doing nothing. You can find that bankruptcy proceedings are started against you if you simply do not reply to your creditors.
Help is at hand: Free debt advice
While those with enough money might prefer to employ the services of lawyers, accountants and other professionals to help them get out of financial difficulty, many people of limited means often require free debt advice. The organisations below can such help.
* Consumer Credit Counselling Service: www.cccs.co.uk and 0800 138 1111
* Citizens Advice: www.citizens advice.org.uk and via local advice centres
* National Debtline: www.nationaldebtline.co.uk 0808 808 4000
Debt woes: 'I felt suicidal. You lose all sense of proportion'
What to do if you are suffering depression or some other kind of mental illness:
1. Try to tackle your debts before they mount up. By confiding in someone else now rather than in a year you can save yourself money and years of worry.
"The idea that I was going to commit suicide over a debt of £5,600 seems incomprehensible now," says Fred (not his real name), a debtor-turned-debt adviser. "But you lose all sense of proportion."
2. Go to your doctor about the anxiety or mental illness aspect. People often attribute sleeplessness and agitation to worry, says Maggie Kirkpatrick of the Consumer Credit Counselling Service (CCCS).
3. Speak to someone else about your finances – a friend but, preferably, a debt adviser. They are used to dealing with these issues and will not be shocked. CCCS takes about 300,000 phone calls a year on debt problems. They can contact your debtors for you, listen to your story and help you get back on course.
4. Avoid doing nothing. You can find that bankruptcy proceedings are started against you if you simply do not reply to your creditors.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, home loans, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:59 PM 0 comments
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Monday, November 30, 2009
Record fall in consumer borrowing says Bank of England
Consumer borrowing - excluding mortgages - recorded its biggest month on month fall since Bank of England records began in 1993.
This adds further evidence to the likely trend of people paying off loans rather than saving more during a time of low interest rates.
Unsecured loans fell by £713m in October compared with September.
But the number of mortgages approved for house purchases rose for the 11th month in a row in October.
The number of homeowners remortgaging remains subdued.
Debts repaid
Borrowing on credit cards rose by £134m in October compared with September, but was more than offset by the record fall of £713m in other forms of consumer credit such as bank loans, loans for cars, and hire purchase agreements.
It was the fourth month in a row that people repaid more than they took out in non mortgage borrowing.
The total stock of outstanding unsecured loans stood at £228bn - a similar level to January 2008.
Separate figures from the Building Societies Association (BSA) showed that there was a net outflow of savers' funds for the eighth consecutive month.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
This adds further evidence to the likely trend of people paying off loans rather than saving more during a time of low interest rates.
Unsecured loans fell by £713m in October compared with September.
But the number of mortgages approved for house purchases rose for the 11th month in a row in October.
The number of homeowners remortgaging remains subdued.
Debts repaid
Borrowing on credit cards rose by £134m in October compared with September, but was more than offset by the record fall of £713m in other forms of consumer credit such as bank loans, loans for cars, and hire purchase agreements.
It was the fourth month in a row that people repaid more than they took out in non mortgage borrowing.
The total stock of outstanding unsecured loans stood at £228bn - a similar level to January 2008.
Separate figures from the Building Societies Association (BSA) showed that there was a net outflow of savers' funds for the eighth consecutive month.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, loans, refinancing rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:03 PM 0 comments
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Friday, November 27, 2009
Credit card debts are a major problem in the UK
Everyone has a credit card and many carry a large balance.
The interest rate on a credit card balance is usually between 20-30% APR. These high interest rates make it difficult for people to pay down their debt when only making the minimum payment.
Credit Card Consolidation
Many factors which results in high credit card debt. With debt consolidation services you will pay significantly less and have more money for yourself each month. You will also receive the benefit of credit card debt consolidation. Making all of your unsecured debt into one simple payment. You will pay off your credit debt much faster. This is not a loan. No home ownership required is ever required.
Debt Consolidation
Debt management plans are very common and are used by thousands of people each year to deal with large amounts of unsecured debt. This system is also referred to as debt consolidation because it involves consolidating all your debts into one plan with only one payment.
Under a payment plan of this sort, a debt management company sets up new arrangements with all your creditors, so that you have less money to find each month. You then make a fixed payment to the debt company every month until the date at which you become debt free again.
Credit Card Consolidation
Many factors which results in high credit card debt. With debt consolidation services you will pay significantly less and have more money for yourself each month. You will also receive the benefit of credit card debt consolidation. Making all of your unsecured debt into one simple payment. You will pay off your credit debt much faster. This is not a loan. No home ownership required is ever required.
Debt Consolidation
Debt management plans are very common and are used by thousands of people each year to deal with large amounts of unsecured debt. This system is also referred to as debt consolidation because it involves consolidating all your debts into one plan with only one payment.
Under a payment plan of this sort, a debt management company sets up new arrangements with all your creditors, so that you have less money to find each month. You then make a fixed payment to the debt company every month until the date at which you become debt free again.
As well as having the effect of stopping the daily calls by creditors, a plan of this sort is clearly very simple to organize and keep track of.
To set up a debt management plan you must have an income and be able to afford a reasonable amount for the monthly payment. If your situation is such that you cannot stretch to that, then debt settlement could be the solution for you.
To set up a debt management plan you must have an income and be able to afford a reasonable amount for the monthly payment. If your situation is such that you cannot stretch to that, then debt settlement could be the solution for you.
This is a radical technique that ends up with a lot of your debts actually being written off. It is only by seriously reducing the core amount that you owe that a really serious debt situation can be turned
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, home loans, refinancing rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 5:50 PM 0 comments
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Thursday, November 19, 2009
ECB slows emergency cash support
The European Central Bank (ECB) will scale back its liquidity measures for fear of fuelling inflation- despite rising unemployment.
ECB President Jean-Claude Trichet said some fiscal stimulus measures were no longer needed to the same extent.
He said any measures that pose "a threat to the achievement of price stability must be undone promptly and unequivocally".
The eurozone emerged from recession during the third quarter. Its annual inflation rate is currently 0.5%.
Back in June, eurozone inflation turned negative for the first time, falling to -0.1% after it was dragged down by lower energy and fuel prices.
In July 2008 it peaked at 4.1%, driven by the record oil prices at the time.
Crisis not over
Some economists have warned that the growth in the third quarter was purely driven by state aid, and fear the region will slip back into recession if it is removed.
Mr Trichet himself said that it is too early to declare the crisis over. "Recent financial developments have been more benign," he added. "However a significant volume of official support underlies these developments."
The central bank governor said he was keen to make sure the private sector does not become dependent on government, or central bank support.
He has already signalled that the bank is unlikely to renew its offer of 12-month bank loans after the third tranche in December.
Earlier this week, a second ECB council member also said the bank may offer fewer three-month and six-month loans next year.
ECB President Jean-Claude Trichet said some fiscal stimulus measures were no longer needed to the same extent.
He said any measures that pose "a threat to the achievement of price stability must be undone promptly and unequivocally".
The eurozone emerged from recession during the third quarter. Its annual inflation rate is currently 0.5%.
Back in June, eurozone inflation turned negative for the first time, falling to -0.1% after it was dragged down by lower energy and fuel prices.
In July 2008 it peaked at 4.1%, driven by the record oil prices at the time.
Crisis not over
Some economists have warned that the growth in the third quarter was purely driven by state aid, and fear the region will slip back into recession if it is removed.
Mr Trichet himself said that it is too early to declare the crisis over. "Recent financial developments have been more benign," he added. "However a significant volume of official support underlies these developments."
The central bank governor said he was keen to make sure the private sector does not become dependent on government, or central bank support.
He has already signalled that the bank is unlikely to renew its offer of 12-month bank loans after the third tranche in December.
Earlier this week, a second ECB council member also said the bank may offer fewer three-month and six-month loans next year.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: ECB, home loans, Quantitative Easing, recession, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:53 PM 0 comments
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Tuesday, November 03, 2009
10 warning signs of indebtedness
Do you have a debt problem- or do you think you’ve not got a debt problem - but then again, you may be in denial! Here's how to tell:
These days, most of us have some form of debt to deal with - whether it's a loan, a credit card, or an overdraft. But the big question is, at what point does that debt become a serious problem?
If you're just about managing financially, you might not think you have a debt problem.
But if your finances are a bit of a mess and if you, even occasionally, struggle to keep up with your debt payments, this could indicate that your debt is a bigger issue than you realise.
Facing up to these problems can be really hard. And it can seem far easier to simply ignore the problem, shove your bills in a cupboard somewhere, and hope it will all go away.
Unfortunately, it doesn't work like that, and the longer you ignore your debt problem, the worse it will get.
So here are the top 10 warning signs that your debts could be spiralling out of control.
1) You're only paying the minimum monthly repayment on your credit cards
Minimum monthly repayments are typically set at ridiculously low levels. This means that if you're only managing to pay this amount, it's going to take you a long time to pay off your credit card debt in full. Not only that, but you'll end up paying far more in interest before you clear your balance.
2) You don't know how much you owe and you don't want to find out
If you've lost track of how much you owe and have no idea how you ended up in debt, you're probably overspending. Losing track of what you're spending where is not a good idea, especially if you're spending large amounts. It indicates you've really got no control over your finances.
3) You're borrowing more to pay off your debts
Borrowing more and getting further into debt to meet your other debt payments is a dangerous path to follow - particularly if you're using payday loans, logbook loans or credit card cheques.
Equally, if you're taking money out on your credit card just to cover monthly payments on other debts, you could find yourself in serious trouble in the future. Find out more in Six dangerous ways to borrow.
4) You're spending more than you earn
If you have no idea what your budget is and you're spending more than you earn each month, or you're not sure whether your salary is covering your expenses, you could be in serious trouble.
5) You use your credit card to pay for everyday spending
If you regularly use your credit card to pay for necessities such as food or petrol and can't afford to clear the balance each month, your debts will continue to build up and put more strain on your finances.
6) You're regularly late paying bills
If you regularly fail to make your bill payments on time, your cheques bounce, or you overspend on your credit card or overdraft, you'll incur extra fees and charges from your bank. This will drive you further into debt and could also damage your credit rating.
7) You don't have any savings
If you're unable to put even a little money aside into a savings account each month because your debts are too high, that's not a good sign. Having said that, it is usually wise to pay off your debts before starting to save - so it's the right strategy, but don't be blase about it: it's a sign that you are struggling.
8) You find it hard to talk about your situation
If you find it difficult to be honest with your friends and family about your debt problems, or you're lying to them about your spending habits, you could be in denial about your debt.
9) You've been rejected for credit
This could be because you've already got too many credit cards - even if you no longer use them - or because you've missed payments in the past. All of this can damage your credit rating. Find out more in What REALLY damages your credit rating.
10) You're constantly worried about your finances
Recent research from talkaboutdebt.co.uk has revealed that 61% of people in serious debt aren't sleeping due to debt stress, and 29% have taken up to six months off work. If your money problems are affecting your working life, leisure time, and how you sleep, it's time to seek help.
Help yourself
If any of the situations outlined above apply to you, you're probably feeling concerned. Debt can have a serious impact on your life, but the important thing to remember is that you don't have to deal with it on your own.
Simply talking about your financial problems with your friends and family can feel like a huge weight has been lifted off your shoulders. What's more, it's a big step in helping you to face up to your debt problem.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, loans, refinancing rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 12:21 PM 0 comments
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Saturday, October 17, 2009
UK house prices to fall 10pc in 2010
House prices in Britain will fall 10 per cent next year, reversing their recovery of recent months.
Rising unemployment and a failure of mortgage lenders to offer cheap home loans will mean property will stay unaffordable for too many consumers, forcing prices down in a "second wave of house price falls".
Capital Economics is predicting that house prices will fall by 10 per cent next year and 5 per cent the following year, taking the average price from £163,500 – on the Halifax house price index – to below £139,000 by the end of 2011.
The prediction implies that house prices will, having recovered in recent months, fall to below their trough back in April, when they hit a low of £154,500.
Capital Economics, which has a history of being bearish on house prices, admits it is being pessimistic, but warns that there was a downside to a rapid recovery in the economy. "While we may be underestimating the potential for an economic recovery, stronger growth would be accompanied by higher interest rates. That would only add to the pressure for lower house prices," it said.
Its pessimistic outlook on house prices follows two weeks after the ratings agency Fitch predicted house prices had a further 17 per cent to fall. Fitch argued that prices, despite their fall from the peak of the summer of 2007 when they hit £199,000, were still too expensive, when compared with the average earnings of British workers.
The severe shortage of houses on the market – as cautious owners hold back from selling at depressed prices – has caused a strong recovery in recent months.
In some areas such as Oxfordshire and London estate agents have even reported a return of gazumping, the practice of home buyers outbidding each other, even when the offer price has been accepted.
Capital Economics said this recovery was unsustainable, with the likelihood of severe job cuts in the public sector looming. Most economists, even the most optimistic, believe that unemployment is likely to climb from 2.47 million to close to 3 million next year, forcing many people to sell their houses.
Rising unemployment and a failure of mortgage lenders to offer cheap home loans will mean property will stay unaffordable for too many consumers, forcing prices down in a "second wave of house price falls".
Capital Economics is predicting that house prices will fall by 10 per cent next year and 5 per cent the following year, taking the average price from £163,500 – on the Halifax house price index – to below £139,000 by the end of 2011.
The prediction implies that house prices will, having recovered in recent months, fall to below their trough back in April, when they hit a low of £154,500.
Capital Economics, which has a history of being bearish on house prices, admits it is being pessimistic, but warns that there was a downside to a rapid recovery in the economy. "While we may be underestimating the potential for an economic recovery, stronger growth would be accompanied by higher interest rates. That would only add to the pressure for lower house prices," it said.
Its pessimistic outlook on house prices follows two weeks after the ratings agency Fitch predicted house prices had a further 17 per cent to fall. Fitch argued that prices, despite their fall from the peak of the summer of 2007 when they hit £199,000, were still too expensive, when compared with the average earnings of British workers.
The severe shortage of houses on the market – as cautious owners hold back from selling at depressed prices – has caused a strong recovery in recent months.
In some areas such as Oxfordshire and London estate agents have even reported a return of gazumping, the practice of home buyers outbidding each other, even when the offer price has been accepted.
Capital Economics said this recovery was unsustainable, with the likelihood of severe job cuts in the public sector looming. Most economists, even the most optimistic, believe that unemployment is likely to climb from 2.47 million to close to 3 million next year, forcing many people to sell their houses.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, home loans, refinancing rates, UK loans rates, uk recession
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:26 AM 0 comments
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Friday, October 02, 2009
More US jobs lost than expected
The US economy lost 263,000 jobs in September, which was more than had been expected, according to official non-farm payrolls figures.
The jobless rate rose to a fresh 26-year high of 9.8% from August's figure of 9.7% as the US economy has shed 7.6 million jobs since the recession began.
The number in employment has now fallen for 21 consecutive months.
There was more bad news from the Labor Department, which revised its figures for July and August to show 13,000 more jobs lost than previously reported.
The economy as a whole is expected to have grown in the past three months, but recovery in the jobs market tends to lag behind the rest of the economy.
Since the start of the recession in December 2007, the number of people out of work has risen by 7.6 million to 15.1 million.
Government employment, which has been one of the factors boosting the economy in the past year, fell by 53,000 in September.
The other big areas of job losses were construction, manufacturing and retail.
The jobless rate rose to a fresh 26-year high of 9.8% from August's figure of 9.7% as the US economy has shed 7.6 million jobs since the recession began.
The number in employment has now fallen for 21 consecutive months.
There was more bad news from the Labor Department, which revised its figures for July and August to show 13,000 more jobs lost than previously reported.
The economy as a whole is expected to have grown in the past three months, but recovery in the jobs market tends to lag behind the rest of the economy.
Since the start of the recession in December 2007, the number of people out of work has risen by 7.6 million to 15.1 million.
Government employment, which has been one of the factors boosting the economy in the past year, fell by 53,000 in September.
The other big areas of job losses were construction, manufacturing and retail.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Loan calculator, refinancing rates, unemployment, US loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:18 PM 0 comments
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Monday, September 07, 2009
We will sink, not swim, in a sea of new rules
Pay controls are a sign of panic. Leaders from Edward III to Edward Heath have discovered that they do not work
The Black Death of 1349 was a low probability, high impact event; so was the banking crisis of 2008, and the insolvency of Lehman Brothers. When such events do occur, political leaders are under pressure to respond, as the Emperor Hirohito of Japan had to respond to the atom bombs dropped on Hiroshima and Nagasaki in 1945. His comment was that the war had gone “not necessarily to Japan’s advantage”. Japan surrendered.
In the aftermath of the Black Death almost half the population died, resulting in an acute shortage of labourers. This shortage in turn led to higher pay and higher prices. King Edward III, who was one of the most successful monarchs in Europe, responded with a statute that fixed maximum wages.
This measure failed to prevent a further rise in wages and prices. Fifty years later legislation had extended to include fixed wages for bailiffs in cities and boroughs as well as rural districts. Pay controls, once adopted, have a nasty habit of spreading.
The Black Death of 1349 was a low probability, high impact event; so was the banking crisis of 2008, and the insolvency of Lehman Brothers. When such events do occur, political leaders are under pressure to respond, as the Emperor Hirohito of Japan had to respond to the atom bombs dropped on Hiroshima and Nagasaki in 1945. His comment was that the war had gone “not necessarily to Japan’s advantage”. Japan surrendered.
In the aftermath of the Black Death almost half the population died, resulting in an acute shortage of labourers. This shortage in turn led to higher pay and higher prices. King Edward III, who was one of the most successful monarchs in Europe, responded with a statute that fixed maximum wages.
This measure failed to prevent a further rise in wages and prices. Fifty years later legislation had extended to include fixed wages for bailiffs in cities and boroughs as well as rural districts. Pay controls, once adopted, have a nasty habit of spreading.
If City bankers are to be controlled, why not lawyers or accountants?
Panic leads to pay controls and pay controls fail to achieve their objectives. When governments try to close the loopholes, they end up with failed regulation. Most politicians and most bureaucrats have a better knowledge of politics than economic history. They plunge their countries into a sea of largely ineffective regulations, in which some businesses swim but others drown.
In examining the policy options on banking regulations that face the G20, one should not forget the contribution that the regulators made to the 2008 recession. British regulators failed to foresee the recession.
Panic leads to pay controls and pay controls fail to achieve their objectives. When governments try to close the loopholes, they end up with failed regulation. Most politicians and most bureaucrats have a better knowledge of politics than economic history. They plunge their countries into a sea of largely ineffective regulations, in which some businesses swim but others drown.
In examining the policy options on banking regulations that face the G20, one should not forget the contribution that the regulators made to the 2008 recession. British regulators failed to foresee the recession.
The banks may have failed badly in their judgment of risk, but so did the regulators, including the Treasury, the Bank of England and the Financial Services Authority.
It is not clear why further regulation should prevent another crash, when regulation did so little to prevent this one, and so much to make it worse. In particular, the retired Chairman of the Federal Reserve Board, Alan Greenspan, floated the United States economy on a tide of debt.
He was so afraid of the impact of a bubble imploding, that he always intervened to prevent it. When the dot.com bubble did implode, he allowed the sub-prime housing bubble to take its place and the housing bubble proved to be the more dangerous of the two.
In all this one should not forget the contribution of Bernard Madoff, or rather of the failure of the United States Securities and Exchange Commission (SEC) to detect what he was doing. They never did catch him before he handed himself in.
Last week the inspector general of the SEC, David Kotz, published his report into the fraud. It chronicled a series of warnings. For instance, as early as 2003 one hedge fund manager wrote to the SEC saying that he saw signs of a Ponzi scheme at Madoff’s New York business.
SEC officials did start an investigation, could not understand the answers Madoff gave them, and went away to look into something else they could understand. They might have saved at least five years’ growth of what became a $40 billion fraud.
There is a simple reason why the bankers who receive bonuses can usually outsmart the regulators. It is because the bonus bankers take the jobs that offer the highest rewards; they earn more than the regulators.
Successful investment bankers can count their pay in millions, whereas regulators are paid at most in hundreds of thousands. The job of an investment banker is more exciting, even if the job of a regulator can be more secure.
People who have the temperament of entrepreneurial bankers are not put off by the career risks of the entrepreneurial role. In any case, they are trained to find the best way through regulatory systems and to minimise taxes.
Oddly enough, it was not the taking of undue risks that was the detonator of the 2008 crisis. The common characteristic of the Madoff victims was that they were risk averse; they wanted a secure return, not a spectacular one.
Bankers were also largely risk averse. As Sir Martin Jacomb, a former director of the Bank of England, has put it: “At the heart of the catastrophe was a single regulatory error: the failure of Basel rules to impose weighty capital requirements on the super-senior tranche of securitised mortgage obligations held in banks’ trading books.”
It is not clear why further regulation should prevent another crash, when regulation did so little to prevent this one, and so much to make it worse. In particular, the retired Chairman of the Federal Reserve Board, Alan Greenspan, floated the United States economy on a tide of debt.
He was so afraid of the impact of a bubble imploding, that he always intervened to prevent it. When the dot.com bubble did implode, he allowed the sub-prime housing bubble to take its place and the housing bubble proved to be the more dangerous of the two.
In all this one should not forget the contribution of Bernard Madoff, or rather of the failure of the United States Securities and Exchange Commission (SEC) to detect what he was doing. They never did catch him before he handed himself in.
Last week the inspector general of the SEC, David Kotz, published his report into the fraud. It chronicled a series of warnings. For instance, as early as 2003 one hedge fund manager wrote to the SEC saying that he saw signs of a Ponzi scheme at Madoff’s New York business.
SEC officials did start an investigation, could not understand the answers Madoff gave them, and went away to look into something else they could understand. They might have saved at least five years’ growth of what became a $40 billion fraud.
There is a simple reason why the bankers who receive bonuses can usually outsmart the regulators. It is because the bonus bankers take the jobs that offer the highest rewards; they earn more than the regulators.
Successful investment bankers can count their pay in millions, whereas regulators are paid at most in hundreds of thousands. The job of an investment banker is more exciting, even if the job of a regulator can be more secure.
People who have the temperament of entrepreneurial bankers are not put off by the career risks of the entrepreneurial role. In any case, they are trained to find the best way through regulatory systems and to minimise taxes.
Oddly enough, it was not the taking of undue risks that was the detonator of the 2008 crisis. The common characteristic of the Madoff victims was that they were risk averse; they wanted a secure return, not a spectacular one.
Bankers were also largely risk averse. As Sir Martin Jacomb, a former director of the Bank of England, has put it: “At the heart of the catastrophe was a single regulatory error: the failure of Basel rules to impose weighty capital requirements on the super-senior tranche of securitised mortgage obligations held in banks’ trading books.”
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Bank of England, credit crunch, recession, refinancing rates, Wall Street
# posted by Dr Search- Principal Consultant at the Search Clinic @ 9:21 AM 0 comments
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Friday, August 28, 2009
Adverse credit loans remortgage and refinance
Adverse credit loans has become one of the most common problems that people are facing these days. On top of that if you have a mortgage that is costing you a lot then you can go in for a remortgage that can help you reduce the costs.
Now comes the question that you are suffering from bad credit and how can you qualify for a remortgage loan. Well, the lenders have especially come up with remortgage loans for people with credit problems so that it can reduce the burden and help pay off the mortgage easily.
UK Loans Calculators for a fast online application, decision and payout ADVERSE CREDIT LOANS please click here now 
For UK mortgage holders looking for a fast online mortgage calculator ADVERSE CREDIT LOANS please click here now
A remortgage is basically a replacement loan for your mortgage at a lower interest rate. When you take a remortgage loan your mortgage is paid off and a new loan payment towards the remortgage starts. If you have adverse credit the lender would definitely see you as a risk and offer you a remortgage loan at a higher interest rate than those made available to people with good credit.
Rates offered on adverse credit remortgage
When you take a remortgage loan with adverse credit you are offered different types of interest rate. Keeping your financial situation in mind the lender offers you the following types so that you can choose easily from whichever one you think would be the best suitable for you.
Fixed rates: This keeps your interest rate same throughout the mortgage and helps you to preplan your budget. But with this option you cannot enjoy any drop in the interest rates in the future. Variable rates: This is also offered as the standard variable rate and fluctuates with the change in the national rates. This means that your interest rates would not be fixed throughout the loan term and would change every month.
Capped rates: This rate means that your monthly payments would not exceed a limited amount every month however, within this limit the interest rates would vary according to the variable rates.
Fixed rates: This keeps your interest rate same throughout the mortgage and helps you to preplan your budget. But with this option you cannot enjoy any drop in the interest rates in the future. Variable rates: This is also offered as the standard variable rate and fluctuates with the change in the national rates. This means that your interest rates would not be fixed throughout the loan term and would change every month.
Capped rates: This rate means that your monthly payments would not exceed a limited amount every month however, within this limit the interest rates would vary according to the variable rates.
UK Loans Calculators for a fast online application, decision and payout APPLY NOW please click here now
Why should you opt for these loans
Taking an adverse credit remortgage is one of the best ways in which you can lower your interest rates and hence your monthly payments that you were making towards the mortgage loan. You can get a big amount, as you would have to keep your house or its equity as collateral and after having paid the mortgage you can use the remaining amount for making home improvements, for debt consolidation, financing education expenses of your children etc.
With the help of these loans you can convert your variable interest into fixed rate. You can increase or decrease the term of your loan and also opt for more flexible options for the loan. However, it is important that you review your adverse credit remortgage loan before signing the agreement.
With the help of these loans you can convert your variable interest into fixed rate. You can increase or decrease the term of your loan and also opt for more flexible options for the loan. However, it is important that you review your adverse credit remortgage loan before signing the agreement.
What should you check before signing
When applying for the adverse credit remortgage loan it is important that you be wary about the interest rate that the lender is offering you. It is advised that you opt for these loans only if the interest rate is lower than the rates on your present mortgage.
Before you apply for these loans check the mortgage rates prevailing in the market and get an idea about the interest rate that would be charged for adverse credit. If you find that the interest rates are low then you can go ahead and apply for the remortgage loan. Besides this keep a track about the other fees that the lender is charging you.
Make sure that you are aware of all the costs related to the adverse credit remortgage loan. It is important that you be careful while taking these loans, as there are many lenders in the market who try and take advantage of such people. Ask about the pre-payment penalties and the rest of the charges like solicitor fees, property appraisal fee etc.
Before you apply for these loans check the mortgage rates prevailing in the market and get an idea about the interest rate that would be charged for adverse credit. If you find that the interest rates are low then you can go ahead and apply for the remortgage loan. Besides this keep a track about the other fees that the lender is charging you.
Make sure that you are aware of all the costs related to the adverse credit remortgage loan. It is important that you be careful while taking these loans, as there are many lenders in the market who try and take advantage of such people. Ask about the pre-payment penalties and the rest of the charges like solicitor fees, property appraisal fee etc.
Where to apply? Right Here!
UK Loans Calculators for a fast online application, decision and payout APPLY NOW please click here now
For UK mortgage holders looking for a fast online mortgage calculator APPLY NOW please click here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, home loans, Loan calculator, loans, refinancing rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:44 AM 0 comments
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Friday, August 07, 2009
Refinance Mortgage for self employed and people with bad credit histories
Refinance Mortgage- If you are looking for a remortgage for any purpose you've come to the right place.
We are confident we can provide you with a competitive quote for your remortgage. You can use the money you borrow for any purpose and we will process your application quickly so your money can be made available as soon as possible.
For UK mortgage holders looking for a fast online mortgage calculator APPLY NOW please click here now
You may want your loan for major home improvement work, a holiday, to pay school or university fees, to consolidate debts or to provide financial support for your children. Whatever you need to loan the extra money for we will be happy to listen.
If you are looking for a mortgage, even if you have a poor credit history, come to us first to see what we can do. Your poor credit history does not exclude you from getting a mortgage or remortgage.
Even if your poor credit rating has meant you’ve had special terms imposed on remortgage quotes in the past, we have access to a number of suppliers of poor credit remortgages and have been able to help many customers with a poor credit rating to arrange a suitable remortgage.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
Self Certification Mortgages- If you’re looking for a mortgage and can’t prove your income, a self certification mortgage may be just what you need.
Self certification mortgages are ideal if you can’t prove your income. This may be because you are self-employed, a freelancer, contractor or seasonal worker, or you may be paid on a commission-only basis, be an un-salaried company director or you may have more than one source of income such as income from investments.
If you’ve had problems finding a regular mortgage because you can’t prove your income please talk to our lenders about a self certification mortgage. We work with a number of suppliers who are happy to consider self certification mortgages. If this sounds like the type of mortgage you need talk to one of our advisers today to see what we can do for you.
Once we have all the details, your self certification mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay.
Mortgage Finance- If you want to purchase a house and you’re looking for a mortgage why not take a look at our house purchase mortgages? Our team of advisors will help you to select the best mortgage from our range of lenders to suit your individual circumstances.
If features such as no early repayment penalties, transfer flexibility, or payment holidays are important to you these will be factored-in to our mortgage search. If these features are not important to you, our team of advisors will base the search on finding you the most suitable house purchase mortgage available to suit your particular circumstances.
Once we have all the details, your house purchase mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay. If you need a mortgage for your house purchase urgently you may like to consider a taking out a bridging loan to ensure your house purchase can go ahead quickly.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, home loans, Loan calculator, mortgage calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:34 AM 0 comments
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Thursday, August 06, 2009
Refinance Calculator for self employed and people with bad credit histories
Refinance Calculator- If you are looking for a remortgage for any purpose you've come to the right place.
We are confident we can provide you with a competitive quote for your remortgage. You can use the money you borrow for any purpose and we will process your application quickly so your money can be made available as soon as possible.
For UK mortgage holders looking for a fast online mortgage calculator REFINANCE CALCULATOR APPLY NOW please click here now
You may want your loan for major home improvement work, a holiday, to pay school or university fees, to consolidate debts or to provide financial support for your children. Whatever you need to loan the extra money for we will be happy to listen.
If you are looking for a mortgage, even if you have a poor credit history, come to us first to see what we can do. Your poor credit history does not exclude you from getting a mortgage or remortgage.
Even if your poor credit rating has meant you’ve had special terms imposed on remortgage quotes in the past, we have access to a number of suppliers of poor credit remortgages and have been able to help many customers with a poor credit rating to arrange a suitable remortgage.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
Self Certification Mortgages- If you’re looking for a mortgage and can’t prove your income, a self certification mortgage may be just what you need.
Self certification mortgages are ideal if you can’t prove your income. This may be because you are self-employed, a freelancer, contractor or seasonal worker, or you may be paid on a commission-only basis, be an un-salaried company director or you may have more than one source of income such as income from investments.
If you’ve had problems finding a regular mortgage because you can’t prove your income please talk to our lenders about a self certification mortgage. We work with a number of suppliers who are happy to consider self certification mortgages. If this sounds like the type of mortgage you need talk to one of our advisers today to see what we can do for you.
Once we have all the details, your self certification mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay.
Mortgage Finance- If you want to purchase a house and you’re looking for a mortgage why not take a look at our house purchase mortgages? Our team of advisors will help you to select the best mortgage from our range of lenders to suit your individual circumstances.
If features such as no early repayment penalties, transfer flexibility, or payment holidays are important to you these will be factored-in to our mortgage search. If these features are not important to you, our team of advisors will base the search on finding you the most suitable house purchase mortgage available to suit your particular circumstances.
Once we have all the details, your house purchase mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay. If you need a mortgage for your house purchase urgently you may like to consider a taking out a bridging loan to ensure your house purchase can go ahead quickly.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, home loans, Loan calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:17 PM 0 comments
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Wednesday, August 05, 2009
Mortgage Refinance for the self employed and people with bad credit histories
Mortgage Refinance- If you are looking for a remortgage for any purpose you've come to the right place.
We are confident we can provide you with a competitive quote for your remortgage. You can use the money you borrow for any purpose and we will process your application quickly so your money can be made available as soon as possible.
For UK mortgage holders looking for a fast online mortgage calculator MORTGAGE REFINANCE, APPLY NOW please click here now
You may want your loan for major home improvement work, a holiday, to pay school or university fees, to consolidate debts or to provide financial support for your children. Whatever you need to loan the extra money for we will be happy to listen.
If you are looking for a mortgage, even if you have a poor credit history, come to us first to see what we can do. Your poor credit history does not exclude you from getting a mortgage or remortgage.
Even if your poor credit rating has meant you’ve had special terms imposed on remortgage quotes in the past, we have access to a number of suppliers of poor credit remortgages and have been able to help many customers with a poor credit rating to arrange a suitable remortgage.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
Self Certification Mortgages- If you’re looking for a mortgage and can’t prove your income, a self certification mortgage may be just what you need.
Self certification mortgages are ideal if you can’t prove your income. This may be because you are self-employed, a freelancer, contractor or seasonal worker, or you may be paid on a commission-only basis, be an un-salaried company director or you may have more than one source of income such as income from investments.
If you’ve had problems finding a regular mortgage because you can’t prove your income please talk to our lenders about a self certification mortgage. We work with a number of suppliers who are happy to consider self certification mortgages. If this sounds like the type of mortgage you need talk to one of our advisers today to see what we can do for you.
Once we have all the details, your self certification mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay.
Mortgage Finance- If you want to purchase a house and you’re looking for a mortgage why not take a look at our house purchase mortgages? Our team of advisors will help you to select the best mortgage from our range of lenders to suit your individual circumstances.
If features such as no early repayment penalties, transfer flexibility, or payment holidays are important to you these will be factored-in to our mortgage search. If these features are not important to you, our team of advisors will base the search on finding you the most suitable house purchase mortgage available to suit your particular circumstances.
Once we have all the details, your house purchase mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay. If you need a mortgage for your house purchase urgently you may like to consider a taking out a bridging loan to ensure your house purchase can go ahead quickly.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, Loan calculator, mortgage calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:13 PM 0 comments
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Monday, June 22, 2009
Bad Credit Mortgage Refinance available for you now
Bad Credit Mortgage Refinance Home Loans- are you suffering from a poor credit history? Have you been refused credit, or a loan, because of problems in the past?
If you have, or suspect you have been refused credit because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured bad credit loan. Every month literally 1000’s of people who have a bad credit history get granted a bad credit loan by using us.
* Bad Credit Mortgage Refinance are available to home owners
* Bad Credit Mortgage Refinance are available from £500 to £25,000
* Bad Credit Mortgage Refinance are available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online Loans Calculator APPLY NOW please click here now
For UK mortgage refinance fast online Mortgage Calculator APPLY NOW please click here now
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured Bad Credit Loans for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
What is an unsecured bad credit home loan?
An unsecured bad credit loan is for people who have had problems in the past, and now have a less than perfect credit rating. An unsecured bad credit loan does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who are the loans for?
Unsecured Bad Credit Home Loans are in the first instance, best suited to those with a bad credit history who do not wish to secure the loan against their property. In the second instance, an unsecured bad credit loan is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the loan against.
Who can apply for a loan?
The simple answer is anybody can apply for an unsecured bad credit loan, however in reality before an application can be processed your age and employment status are taken into consideration.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once your application has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
If you have, or suspect you have been refused credit because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured bad credit loan. Every month literally 1000’s of people who have a bad credit history get granted a bad credit loan by using us.
* Bad Credit Mortgage Refinance are available to home owners
* Bad Credit Mortgage Refinance are available from £500 to £25,000
* Bad Credit Mortgage Refinance are available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online Loans Calculator APPLY NOW please click here now
For UK mortgage refinance fast online Mortgage Calculator APPLY NOW please click here now
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured Bad Credit Loans for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
What is an unsecured bad credit home loan?
An unsecured bad credit loan is for people who have had problems in the past, and now have a less than perfect credit rating. An unsecured bad credit loan does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who are the loans for?
Unsecured Bad Credit Home Loans are in the first instance, best suited to those with a bad credit history who do not wish to secure the loan against their property. In the second instance, an unsecured bad credit loan is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the loan against.
Who can apply for a loan?
The simple answer is anybody can apply for an unsecured bad credit loan, however in reality before an application can be processed your age and employment status are taken into consideration.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once your application has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, home loans, Loan calculator, mortgage calculator, refinancing rates, UK loans rates, uk recession
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:43 AM 0 comments
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Thursday, June 18, 2009
Bad Credit Loans for you
Bad Credit Loans- are you suffering with an impaired finance history? Have you been refused credit, or a loan, because of problems in the past?
If you have, or suspect you have been refused finance because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured finance. Every month literally 1000’s of people who have a poor history get granted additional finance by using us.
As long as you are employed and you are over 18, you can apply! * All types of tenants
* Home owners
* From £500 to £25,000
* Finance is available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online calculator APPLY NOW please click here now
Being refused or having a poor rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured bad credit loan for you even if you've been turned down or refused credit many times.
A poor finance history is just that, history. So why not fill in our online form today for a free quotation and perhaps we can turn your past into a positive result.
What is an unsecured poor finance?
Unsecured poor history loans are for people who have had problems in the past, and now have a less than perfect rating. An unsecured finance does not require you to use your property as a guarantee or security for the money either. As it is unsecured, the finance offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who are unsecured poor finances designed for?
Unsecured poor history finances are, in the first instance, best suited to those with a poor history who do not wish to secure the finance against their property. In the second instance, an unsecured finance is often the only option for people or tenants who suffer with an impaired history and have no property to secure the finance against.
Who can apply for unsecured finance?
The simple answer is anybody can apply for an unsecured finance, however in reality before an unsecured application can be processed your age and employment status are taken into consideration.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Please click here now to APPLY NOW online here now
Life is difficult enough- escpecially during these credit crunch times. It is our intention to try and save you time, worry and money by finding you the best value, unbiased financial services. Deep Throat's adage during the Watergate crisis to the Washington Post was to follow the finance to uncover the truth.
This is a maxim we endeavour to copy without any fuss or hassle as we try to offer the best value impartial finances for you. As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote!
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
If you have, or suspect you have been refused finance because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured finance. Every month literally 1000’s of people who have a poor history get granted additional finance by using us.
As long as you are employed and you are over 18, you can apply! * All types of tenants
* Home owners
* From £500 to £25,000
* Finance is available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online calculator APPLY NOW please click here now
Being refused or having a poor rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured bad credit loan for you even if you've been turned down or refused credit many times.
A poor finance history is just that, history. So why not fill in our online form today for a free quotation and perhaps we can turn your past into a positive result.
What is an unsecured poor finance?
Unsecured poor history loans are for people who have had problems in the past, and now have a less than perfect rating. An unsecured finance does not require you to use your property as a guarantee or security for the money either. As it is unsecured, the finance offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who are unsecured poor finances designed for?
Unsecured poor history finances are, in the first instance, best suited to those with a poor history who do not wish to secure the finance against their property. In the second instance, an unsecured finance is often the only option for people or tenants who suffer with an impaired history and have no property to secure the finance against.
Who can apply for unsecured finance?
The simple answer is anybody can apply for an unsecured finance, however in reality before an unsecured application can be processed your age and employment status are taken into consideration.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Please click here now to APPLY NOW online here now
Life is difficult enough- escpecially during these credit crunch times. It is our intention to try and save you time, worry and money by finding you the best value, unbiased financial services. Deep Throat's adage during the Watergate crisis to the Washington Post was to follow the finance to uncover the truth.
This is a maxim we endeavour to copy without any fuss or hassle as we try to offer the best value impartial finances for you. As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote!
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, home loans, Loan calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:39 AM 0 comments
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Bad Credit Home Loans at Loans Calculators
Bad Credit Home Loans- are you suffering from a bad credit history? Have you been refused credit, or a loan, because of problems in the past?
If you have, or suspect you have been refused credit because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured bad credit loan. Every month literally 1000’s of people who have a bad credit history get granted an unsecured bad credit loan by using us.
* Bad Credit Home Loans are available to all types of tenants
* Bad Credit Home Loans are available to home owners
* Bad Credit Home Loans are available from £500 to £25,000
* Bad Credit Home Loans are available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured Bad Credit Loan for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
What is an unsecured bad credit home loan?
An unsecured bad credit loan is for people who have had problems in the past, and now have a less than perfect credit rating. An unsecured bad credit loan does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who arethe loans for?
Unsecured Bad Credit Home Loans are in the first instance, best suited to those with a bad credit history who do not wish to secure the loan against their property. In the second instance, an unsecured bad credit loan is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the loan against.
Who can apply for a loan?
The simple answer is anybody can apply for an unsecured bad credit loan, however in reality before an application can be processed your age and employment status are taken into consideration.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
If you have, or suspect you have been refused credit because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured bad credit loan. Every month literally 1000’s of people who have a bad credit history get granted an unsecured bad credit loan by using us.
* Bad Credit Home Loans are available to all types of tenants
* Bad Credit Home Loans are available to home owners
* Bad Credit Home Loans are available from £500 to £25,000
* Bad Credit Home Loans are available even if you have CCJ's, defaults, or a generally bad credit history.
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured Bad Credit Loan for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
What is an unsecured bad credit home loan?
An unsecured bad credit loan is for people who have had problems in the past, and now have a less than perfect credit rating. An unsecured bad credit loan does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who arethe loans for?
Unsecured Bad Credit Home Loans are in the first instance, best suited to those with a bad credit history who do not wish to secure the loan against their property. In the second instance, an unsecured bad credit loan is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the loan against.
Who can apply for a loan?
The simple answer is anybody can apply for an unsecured bad credit loan, however in reality before an application can be processed your age and employment status are taken into consideration.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, Loan calculator, refinancing rates, UK loans rates, uk recession
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:35 AM 0 comments
links to this post
Wednesday, June 17, 2009
Loan Calculator- refinance for self employed and people with bad credit
Loan Calculator- refinance for self employed and people with bad credit histories
Loan Calculator- You may want finance for major home improvement work, a holiday, to pay school or university fees, to consolidate debts or to provide financial support for your children. Whatever you need the extra money for we will be happy to listen.Your finanec can be for any purpose and once we have received your completed homeowner form your application will be processed quickly to ensure your application is granted as soon as possible. Once your finance is granted you are free to spend your money on anything you wish.
Borrow £5,000 to £1,000,000
Borrow over 3 to 25 years
Simple, fast and straight forward
Free yourself from unwanted debts
For UK mortgage holders looking for a fast online MORTGAGE CALCULATOR please click here now
We may still be able to arrange an unsecured bad credit finance for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill our online form today for a free unsecured bad credit quotation and perhaps we can turn your bad credit history into a positive result.We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.What is unsecured bad credit?
Unsecured bad credit is for people who have had problems in the past, and now have a less than perfect credit rating. Unsecured bad credit does not require you to use your property as a guarantee or security for the loan either. As it is unsecured, the loan offers a little more flexibility to the borrower that does not wish to put their homeat risk.Who are the finances for?
Credits are in the first instance, best suited to those with a bad credit history who do not wish to secure the finance against their property.In the second instance, an unsecured bad credit is often the only option for people or tenants who suffer with a bad credit history and have no property to secure the credit against.
Who can apply for finance?The simple answer is anybody can apply for an unsecured bad credit finance, however in reality before an application can be processed your age and employment status are taken into consideration.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off creditcards or an overdraft.Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Labels: consolidate debt loans, Loan calculator, loans, refinancing rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 7:40 PM 0 comments
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Monday, June 15, 2009
Loans Calculators for UK debt consolidation, bad credit, refinancing
Loans Calculators- for the self employed, contractors, consultants, company directors, freelancers- people in adverse, poor and bad credit situations, tenants, arrears or court judgments- monthly payments can be consolidated and reduced by up to 70%- many mortgages are fees- free with NO set up costs, like arrangements, valuations and legal fees!
For UK loans seekers looking for a fast online loans calculators please
click here now
Any purpose loans- If you’re looking for loans for anypurpose come and talk to us about your requirements. Whether you’reconsidering secured or unsecured credit, we will help you find the best loans with the lowest interest rate and the most preferential terms available to suit your individual circumstances.
You may need to arrange finance for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your finance can be for any purpose and your application will be processed quickly to ensure your loans are granted as soon as possible. Once your application is agreed you are free to spend the money on anything you wish.
Anybody can apply for finance, however in reality before an application can be processed your age and employment status are taken into consideration. As long as you are employed, resident in teh UK and you are over 18, you can apply. Please contact us today for a free no obligation quote.
For UK finance seekers looking for a fast online application please click here now
Bad Credit History- Even if you’ve got a bad credit history you can still apply for finance. A bad credit history should not put you off applying and we have helped many customers who have been turned down in the past by other lenders.
Poor Credit Remortgages- If you are looking for a remortgage, even if you have a poor credit history, come to us first to see what we can do. Your poor credit history does not exclude you from gettinga remortgage.
Even if your poor credit rating has meant you’ve had special terms imposed on remortgage quotes in the past, we have access to a number of suppliers of poor credit remortgages and have been able to help many customers with a poor credit rating to arrange a suitable remortgage.
You may want to remortgage to consolidate existing debts and credit cards into one easy repayment, or you may want the additional money to finance a new car, university or school fees, major home improvement work, or anything else. Whatever you need to remortgage for our team of advisers will work with you to get the best deal possible according to your personal circumstances.
Secured finance- Secured finance are simple, fast and straight forward. Free yourself from unwanted debts. Get finance for anything from £5000 to £250,000. Choose to repay over 3 year or 25 years. So you can spread the cost of your finance and make the repayments easier to handle. So get on top of out of control debt and unwanted stress.
Personal finance- If you’re looking for personal finance please talk to an adviser today to discuss your requirements. Personal finance is one of our most popular forms of credit. We work with a range of providers to ensure we can offer you good terms and interest rates on personal finance.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 7:20 PM 0 comments
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Thursday, May 28, 2009
US Loans markets defy FED as Treasury yields spike
The US Federal Reserve Board (FED may soon be forced to launch fresh blitz of quantitative, or risk seeing economic recovery snuffed out by the latest surge in long term borrowing costs.
Yields on 10 year Treasury bonds have risen relentlessly since March when the Fed first announced its plan to buy $300bn (£188bn) of US government debt directly, a move that briefly forced rates down to nearly 2.5pc, a level thought to be the Fed's implicit target.
Yields have jumped to 3.69pc – after spiking as high as 3.74pc on Wednesday – pushing up the standard 30-year mortgage loan to 5.08pc and lifting the borrowing cost for corporations.
The US Mortgage Bankers Association yesterday highlighted the fragility of the US housing market, reporting that 12pc of homeowners are either behind on their payments or facing foreclosure, the highest level since records began.
Almost 6pc of "prime" borrowers are in arrears, showing how far the crisis has moved beyond the sub-prime. Most arrears are caused by job losses. The US unemployment rate has reached 8.1pc, and is even higher under older definitions, running at 15.8pc under Clinton-era metrics.
It is unclear why US bond yields have spiked so violently, with spill-over effects on gilts and bunds. One camp of investors is worried that inflation is rearing its ugly head again: others fear a sovereign debt crisis as over-extended states loses their AAA ratings.
What is clear is that the market choked on $100bn of US Treasury debt issued in three auctions this week, and on the knowledge that Washington must raise a further $900bn by September. Governments around the world must fund $6 trillion of deficits this year, exhausting the capital markets.
The US is at the front of the firing line. Beijing is clearly losing its patience with the Fed's policy of printing paper, seen as a form of stealth default. There is some risk that further moves to step up quantitative easing could cause China to boycott US Treasury auctions. China and Japan together hold 23pc of all US federal debt.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Yields on 10 year Treasury bonds have risen relentlessly since March when the Fed first announced its plan to buy $300bn (£188bn) of US government debt directly, a move that briefly forced rates down to nearly 2.5pc, a level thought to be the Fed's implicit target.
Yields have jumped to 3.69pc – after spiking as high as 3.74pc on Wednesday – pushing up the standard 30-year mortgage loan to 5.08pc and lifting the borrowing cost for corporations.
The US Mortgage Bankers Association yesterday highlighted the fragility of the US housing market, reporting that 12pc of homeowners are either behind on their payments or facing foreclosure, the highest level since records began.
Almost 6pc of "prime" borrowers are in arrears, showing how far the crisis has moved beyond the sub-prime. Most arrears are caused by job losses. The US unemployment rate has reached 8.1pc, and is even higher under older definitions, running at 15.8pc under Clinton-era metrics.
It is unclear why US bond yields have spiked so violently, with spill-over effects on gilts and bunds. One camp of investors is worried that inflation is rearing its ugly head again: others fear a sovereign debt crisis as over-extended states loses their AAA ratings.
What is clear is that the market choked on $100bn of US Treasury debt issued in three auctions this week, and on the knowledge that Washington must raise a further $900bn by September. Governments around the world must fund $6 trillion of deficits this year, exhausting the capital markets.
The US is at the front of the firing line. Beijing is clearly losing its patience with the Fed's policy of printing paper, seen as a form of stealth default. There is some risk that further moves to step up quantitative easing could cause China to boycott US Treasury auctions. China and Japan together hold 23pc of all US federal debt.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, FED, home loans, refinancing rates, US loans rates, US mortgage rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:02 PM 0 comments
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Tuesday, April 21, 2009
Tens of thousands of home owners evicted since labour's measures first spin
Tens of thousands of home owners have been evicted from their homes since Gordon Brown first span a package of measures to help them, new figures show.
Calculations suggest up to 28,000 households -across Britain have had their homes repossessed despite the measures being announced last December.
The Homeowner Mortgage Support Scheme, intended to help home owners by allowing them to delay their mortgage payments, was announced by the labour Prime Minister with great fanfare at the end of last year as a way of helping struggling families across Britain remain in their homes as the recession took hold.
But at the time, the labour Government admitted that it had yet to develop the scheme in detail and said it would not be available until early in the New Year.
However, almost five months has passed, and the delay in launching the scheme has meant it is too late for tens of thousand of borrowers who were unable to keep up with their mortgage repayments.
The figures have prompted mortgage experts and politicians to describe the delay in launching the scheme as "outrageous".
They accused the labour Government of trying to "spin a headline" rather than provide genuine help amid the housing slump.
Grant Shapps, the shadow housing minister, said: "The Prime Minister just doesn't seem to appreciate the urgency of the situation in the housing market. People are suffering now, and looking for urgent help.
"The trouble is that home owners believed the hype – and as a constituency MP I'm often approached by people who say they thought there was a scheme out there to help them.
"Once again the Government is trying to spin a headline rather than providing real help during the recession."
The figures calculated by the Conservatives are based on data from the Council of Mortgage Lenders, which forecasts that 75,000 will be repossessed this year.
Melanie Bien, of mortgage brokers Savills Private Finance, said: "While the scheme has admirable intentions in trying to save home owners from repossession, it is outrageous that it has taken so long for it to be implemented.
"There has been precious little detail on this scheme from the start and desperate homeowners have been waiting for some clarification: this will come too late for many."
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Calculations suggest up to 28,000 households -across Britain have had their homes repossessed despite the measures being announced last December.
The Homeowner Mortgage Support Scheme, intended to help home owners by allowing them to delay their mortgage payments, was announced by the labour Prime Minister with great fanfare at the end of last year as a way of helping struggling families across Britain remain in their homes as the recession took hold.
But at the time, the labour Government admitted that it had yet to develop the scheme in detail and said it would not be available until early in the New Year.
However, almost five months has passed, and the delay in launching the scheme has meant it is too late for tens of thousand of borrowers who were unable to keep up with their mortgage repayments.
The figures have prompted mortgage experts and politicians to describe the delay in launching the scheme as "outrageous".
They accused the labour Government of trying to "spin a headline" rather than provide genuine help amid the housing slump.
Grant Shapps, the shadow housing minister, said: "The Prime Minister just doesn't seem to appreciate the urgency of the situation in the housing market. People are suffering now, and looking for urgent help.
"The trouble is that home owners believed the hype – and as a constituency MP I'm often approached by people who say they thought there was a scheme out there to help them.
"Once again the Government is trying to spin a headline rather than providing real help during the recession."
The figures calculated by the Conservatives are based on data from the Council of Mortgage Lenders, which forecasts that 75,000 will be repossessed this year.
Melanie Bien, of mortgage brokers Savills Private Finance, said: "While the scheme has admirable intentions in trying to save home owners from repossession, it is outrageous that it has taken so long for it to be implemented.
"There has been precious little detail on this scheme from the start and desperate homeowners have been waiting for some clarification: this will come too late for many."
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, recession, refinancing rates, UK loans rates, uk recession
# posted by Dr Search- Principal Consultant at the Search Clinic @ 9:32 AM 0 comments
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Wednesday, April 08, 2009
Recession keeps tight grip on UK economy
Labour's recession kept a tight grip on the British economy in the first three months of the year, a leading economic forecaster warned.
New forecasts from the National Institute of Economic and Social Research (NIESR) estimate that the economy contracted 1.5pc between January and March. If the think-tank is correct, it would mean the recession remained as severe in the first three months of the year as it was in the final quarter of 2008, when gross domestic product fell 1.6pc.
The gloomy figures reinforced fears that gross domestic product data due to be published by the ONS on April 24 will show that the recession showed no sign of easing in the first quarter.
NIESR added that so far the fall in output has taken a similar path to the recession which began in the summer of 1979. "If the 1980s profile were followed, output would continue to decline for up to another year and it would take two further years before the level of output enjoyed at the start of 2008 would be reached again," it said.
Figures yesterday showed British manufacturing sector shrank the most since records began in 1968 in the three months to February, dragged down by a dwindling car industry.
Data out on Tuesday showed that output fell by 6.5pc over the period, as conditions for UK manufacturers worsened in the grip of recession. The worst affected area was car manufacturing, where output fell by 30.7pc according to figures from the Office for National Statistics.
Overall the manufacturing sector shrank by 12.2pc compared with the same three months a year ago.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
New forecasts from the National Institute of Economic and Social Research (NIESR) estimate that the economy contracted 1.5pc between January and March. If the think-tank is correct, it would mean the recession remained as severe in the first three months of the year as it was in the final quarter of 2008, when gross domestic product fell 1.6pc.
The gloomy figures reinforced fears that gross domestic product data due to be published by the ONS on April 24 will show that the recession showed no sign of easing in the first quarter.
NIESR added that so far the fall in output has taken a similar path to the recession which began in the summer of 1979. "If the 1980s profile were followed, output would continue to decline for up to another year and it would take two further years before the level of output enjoyed at the start of 2008 would be reached again," it said.
Figures yesterday showed British manufacturing sector shrank the most since records began in 1968 in the three months to February, dragged down by a dwindling car industry.
Data out on Tuesday showed that output fell by 6.5pc over the period, as conditions for UK manufacturers worsened in the grip of recession. The worst affected area was car manufacturing, where output fell by 30.7pc according to figures from the Office for National Statistics.
Overall the manufacturing sector shrank by 12.2pc compared with the same three months a year ago.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, refinancing rates, UK loans rates, uk recession
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:36 AM 0 comments
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Monday, April 06, 2009
Eurozone interest rates at record low of 1.25pc
The European Central Bank has cut interest rates in the eurozone to a record low of 1.25pc, down from 1.5pc.
Economists had been expecting a bigger reduction of half a percentage point to 1pc, but speaking at a press conference after the monthly decision ECB president Jean-Claude Trichet did not rule out further cuts.
He said that rates may be cut "in a measured way," adding that while inflationary pressures were subsiding, the outlook for the economy remained poor.
"The latest economic data and survey information confirm that the world economy, including the euro area, is undergoing a severe downturn. Both global and euro area demand are likely to remain very weak over 2009, before gradually recovering in the course of 2010," he said.
The ECB's Governing Council has reduced interest rates by a total of three percentage points since early October, after the global financial crisis intensified following Lehman Brothers' collapse in September.
Mr Trichet said the ECB would announce "non-standard" measures at its policy meeting in May in an attempt to stimulate the eurozone economy, which officially entered recession at the end of last year. The Organisation for Economic Co-operation and Development (OECD) predicted earlier this week that the eurozone economy would contract by 4.1pc this year. That is a significantly bigger drop than the 2.2pc to 3.2pc fall forecast by the ECB.
"We expect the ECB to trim its key interest rate to 1pc at its May meeting," said Howard Archer, chief economist at IHS Global Insight. "It is possible that the ECB could eventually bring the interest rate down below 1pc but it looks reluctant to do this and instead will increasingly focus on "non-conventional" measures to boost economic activity."
Options include the lending of funds to banks at fixed interest rates for longer periods, and the purchase of private sector assets.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Economists had been expecting a bigger reduction of half a percentage point to 1pc, but speaking at a press conference after the monthly decision ECB president Jean-Claude Trichet did not rule out further cuts.
He said that rates may be cut "in a measured way," adding that while inflationary pressures were subsiding, the outlook for the economy remained poor.
"The latest economic data and survey information confirm that the world economy, including the euro area, is undergoing a severe downturn. Both global and euro area demand are likely to remain very weak over 2009, before gradually recovering in the course of 2010," he said.
The ECB's Governing Council has reduced interest rates by a total of three percentage points since early October, after the global financial crisis intensified following Lehman Brothers' collapse in September.
Mr Trichet said the ECB would announce "non-standard" measures at its policy meeting in May in an attempt to stimulate the eurozone economy, which officially entered recession at the end of last year. The Organisation for Economic Co-operation and Development (OECD) predicted earlier this week that the eurozone economy would contract by 4.1pc this year. That is a significantly bigger drop than the 2.2pc to 3.2pc fall forecast by the ECB.
"We expect the ECB to trim its key interest rate to 1pc at its May meeting," said Howard Archer, chief economist at IHS Global Insight. "It is possible that the ECB could eventually bring the interest rate down below 1pc but it looks reluctant to do this and instead will increasingly focus on "non-conventional" measures to boost economic activity."
Options include the lending of funds to banks at fixed interest rates for longer periods, and the purchase of private sector assets.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, ECB, euro, falling interest rates, interest rates, recession, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 7:23 PM 0 comments
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Tuesday, March 03, 2009
Equities tumble as AIG losses shock the markets
AIG yesterday announced the biggest corporate quarterly loss in history as 4th quarter 2008 figures showed a $61.7bn loss.
The troubled insurance company is integral to insuring households and financial risk globally and would pose a systemic risk to the global economy if allowed to fall. AIG has already received support of $150bn and will now require further funding to sustain it.
The markets reacted swiftly to the news with US stocks falling to their lowest level in 12 years and the FTSE marking a slump of 5%. The bleak outlook yesterday was not helped by HSBC showing pre tax profits for 2008 down by 62% on the previous year and confirmation that it is seeking to raise 12.5bn from shareholders to help the firm through the uncertain economic environment.
The news released yesterday simply compounded the fact that the economic downturn is deepening and looking likely to continue. The knock on effect in the markets was a huge sell off in equities and a rush to the safe haven US dollar. Sterling was sold heavily against the majors- rapidly falling towards 1.40 against the dollar and retracing to 1.11 against the euro.
Thursday will confirm the decision on interest rates for the Bank Of England and the European Central Bank; it is expected that both central banks will cut rates by up to 50 basis points.
Interestingly the Bank of Australia kept rates on hold at 3.25% last night, citing confidence in recent policy easing and stimulus packages as being sufficient to maintain confidence in the economy. Could we see a similar stance from the BOE or ECB on Thursday?
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
The troubled insurance company is integral to insuring households and financial risk globally and would pose a systemic risk to the global economy if allowed to fall. AIG has already received support of $150bn and will now require further funding to sustain it.
The markets reacted swiftly to the news with US stocks falling to their lowest level in 12 years and the FTSE marking a slump of 5%. The bleak outlook yesterday was not helped by HSBC showing pre tax profits for 2008 down by 62% on the previous year and confirmation that it is seeking to raise 12.5bn from shareholders to help the firm through the uncertain economic environment.
The news released yesterday simply compounded the fact that the economic downturn is deepening and looking likely to continue. The knock on effect in the markets was a huge sell off in equities and a rush to the safe haven US dollar. Sterling was sold heavily against the majors- rapidly falling towards 1.40 against the dollar and retracing to 1.11 against the euro.
Thursday will confirm the decision on interest rates for the Bank Of England and the European Central Bank; it is expected that both central banks will cut rates by up to 50 basis points.
Interestingly the Bank of Australia kept rates on hold at 3.25% last night, citing confidence in recent policy easing and stimulus packages as being sufficient to maintain confidence in the economy. Could we see a similar stance from the BOE or ECB on Thursday?
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Aussie loans rates, credit crunch, falling interest rates, recession, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 12:42 PM 0 comments
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Friday, February 27, 2009
Range trading continues
The Euro zone data released this morning (CPI and EU unemployment) has carried the theme of the week and met the consensus expectations.
The fact that CPI has remained steady will slightly ease the pressure on the ECB to cut interest rates in their March meeting.
Over the last week we have continued to see the YEN unwinding particularly against the USD falling 9% from the low to high point in the week- a major shift in sentiment! This is not surprising after a poor start to 2009 for the Japanese economy; figures demonstrated that exports fell 46% in January alone and their economy sank 3.3% in the last 3 months of 2008.
This weak data was exasperated by the resignation of the Japanese finance minister Shoichi Nakagawa following his erratic performance at the recent G7 meeting.
The weakening of the Yen as discussed earlier this week underlines a shift in sentiment away from a currency previously conceived as a “safe haven”. The trend of the “Dollar Index” which tracks the US currency against a basket of currencies demonstrated this movement away from Yen and back into the dollar.
The index has already increased 8% in 2009 as investors are now looking at the US dollar as the favourable option for safety. This is ironic given the awful data arising from the US economy.... yesterday we saw durable goods fall 5.2% in January and jobless claims soared to 667,000- very weak data which only helped to strengthen the dollar as risk aversion and a flight to safety stepped up a notch.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
The fact that CPI has remained steady will slightly ease the pressure on the ECB to cut interest rates in their March meeting.
Over the last week we have continued to see the YEN unwinding particularly against the USD falling 9% from the low to high point in the week- a major shift in sentiment! This is not surprising after a poor start to 2009 for the Japanese economy; figures demonstrated that exports fell 46% in January alone and their economy sank 3.3% in the last 3 months of 2008.
This weak data was exasperated by the resignation of the Japanese finance minister Shoichi Nakagawa following his erratic performance at the recent G7 meeting.
The weakening of the Yen as discussed earlier this week underlines a shift in sentiment away from a currency previously conceived as a “safe haven”. The trend of the “Dollar Index” which tracks the US currency against a basket of currencies demonstrated this movement away from Yen and back into the dollar.
The index has already increased 8% in 2009 as investors are now looking at the US dollar as the favourable option for safety. This is ironic given the awful data arising from the US economy.... yesterday we saw durable goods fall 5.2% in January and jobless claims soared to 667,000- very weak data which only helped to strengthen the dollar as risk aversion and a flight to safety stepped up a notch.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Bank of Japan, credit crunch, Loan calculator, recession, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:29 PM 0 comments
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Friday, January 16, 2009
ECB cut 0.5% as expected
The ECB did cut rates but only by the very minimum required and the President, M. Trichet then compounded the disappointment by implying that March would be the next important meeting and as such, no further rate adjustments would take place before then.
The Euro slipped against all other currencies during the trading day.
Concerns were more directed towards developments in both the US Banking system, following the results from JP Morgan, and the UK where estimates of additional capital required by the major domestic Banks, combined to send Bank shares spiralling down and cause rumour after rumour of possible events over the weekend.
Today we really wait for inflation data from the US followed by industrial production and then the Michegan sentiment survey. Following a proliferation of comment from Fed Members last evening, the Dollar has started on the back-foot but ahead of the long weekend in the States expect little further action until 1.30pm.
No data expected from the UK but we expect an announcement from the FSA some time today lifting the ban on the short selling in financial stocks. That won't help the current slide in shares.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
The Euro slipped against all other currencies during the trading day.
Concerns were more directed towards developments in both the US Banking system, following the results from JP Morgan, and the UK where estimates of additional capital required by the major domestic Banks, combined to send Bank shares spiralling down and cause rumour after rumour of possible events over the weekend.
Today we really wait for inflation data from the US followed by industrial production and then the Michegan sentiment survey. Following a proliferation of comment from Fed Members last evening, the Dollar has started on the back-foot but ahead of the long weekend in the States expect little further action until 1.30pm.
No data expected from the UK but we expect an announcement from the FSA some time today lifting the ban on the short selling in financial stocks. That won't help the current slide in shares.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, falling interest rates, interest rates, recession, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 11:55 AM 0 comments
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Monday, December 15, 2008
Little new data out over the weekend
Thus most blogs were taken up with re-hashing old news.
The automotive and aviation industries obtained most coverage with expectations that the bail-out of the Big 3 US car manufacturers will be looked at again early in the week and re-presented for approval whilst there is a lot of talk afoot that funds will be made available for the UK car industry from Government.
The large aircraft manufacturers appear to be heading down a different route with anticipation rife that they will offer billions of dollars of loans to buyers' in order that the sector remains active.
This week looks as though it could be lively given both the illiquidity of the markets as we approach Christmas added to Tuesday's FOMC meeting in the US plus the release of this month's MPC meeting minutes on Thursday.
Expectations are that the Fed will cut rates by at least 50bp but interest will centre on additional measures and/or comments that might accompany the decision. A new dimension will be added to the Sterling saga if, as the Sunday Times pontificates, the strength of the Pound is beginning to carry weight with regards to cutting rates.
This argues that given the current level of GBP/EUR, cuts in the 1st Qtr 09 might not be quite as frequent or of the same magnitude as over the last 3 months.
Predictably hawkish comments from 2 ECB members, Stark and Trichet will not help the outlook for Sterling/Euro.
Today we have only US industrial production and capacity utilisation scheduled for release and you wouldn't get a Nobel Prize for predicting that the numbers might not be so good. Otherwise we await developments on the car company bail-out.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
The automotive and aviation industries obtained most coverage with expectations that the bail-out of the Big 3 US car manufacturers will be looked at again early in the week and re-presented for approval whilst there is a lot of talk afoot that funds will be made available for the UK car industry from Government.
The large aircraft manufacturers appear to be heading down a different route with anticipation rife that they will offer billions of dollars of loans to buyers' in order that the sector remains active.
This week looks as though it could be lively given both the illiquidity of the markets as we approach Christmas added to Tuesday's FOMC meeting in the US plus the release of this month's MPC meeting minutes on Thursday.
Expectations are that the Fed will cut rates by at least 50bp but interest will centre on additional measures and/or comments that might accompany the decision. A new dimension will be added to the Sterling saga if, as the Sunday Times pontificates, the strength of the Pound is beginning to carry weight with regards to cutting rates.
This argues that given the current level of GBP/EUR, cuts in the 1st Qtr 09 might not be quite as frequent or of the same magnitude as over the last 3 months.
Predictably hawkish comments from 2 ECB members, Stark and Trichet will not help the outlook for Sterling/Euro.
Today we have only US industrial production and capacity utilisation scheduled for release and you wouldn't get a Nobel Prize for predicting that the numbers might not be so good. Otherwise we await developments on the car company bail-out.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:04 PM 0 comments
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Friday, November 21, 2008
The lull before next week's storm
The reaction to the combination of yesterday's UK data and US rate moves was baffling to say the least.
One would have assumed that the combination of much better than expected UK retail sales figures (a fall of 0.1% against expectations of a 0.8% drop) and a sharp drop in US Treasury yields might have given cable a bit of a leg up enabling it to hold above the important 1.5030 level.
As it happens, the total opposite occurred, with Sterling losing ground against all the majors and one must conclude that it is concern about i) the UK economy ii) the continued move for sharply lower UK interest rates iii) the UK Government's exchange rate policy.
There are strong negatives associated with all three factors and so, ahead of Mr Darling's pre-budget statement on Monday, we are likely to see Sterling vulnerable to the downside.
Sterling LIBOR rates continue their orderly march lower with rates opening another 4-5 basis points lower than yesterday's opening levels. This steady decline must tail off as we approach the next MPC meeting but with expectations of (at least) a 0.50% cut to be announced on the 4th December, rates will likely resume the move lower after that date.
I would anticipate seeing the yield curve steepen unless the Chancellor introduces any of the dreaded âquantitative measures' in his statement to try and force rates lower across the spectrum.
Developments and data from the US yesterday continued to weigh upon both the currency and the stock market with appalling jobs data and ongoing concerns over the future of the US automotive industry the major factors.
Representatives from Detroit, arriving at Capitol Hill, begging bowls in hand (having flown in by private jet !!!!) were told to go away, think about their proposals and come back early next month with more appropriate requests.
Wall Street was spooked by rumours of problems with the BoA/Merrills merger and with the re-capitalisation measures being attempted by Citibank. The number of American workers on the US unemployment register surged to a 25-year high, climbing by 542k to about 4 million. If the economy is turning round, its not yet apparent.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
One would have assumed that the combination of much better than expected UK retail sales figures (a fall of 0.1% against expectations of a 0.8% drop) and a sharp drop in US Treasury yields might have given cable a bit of a leg up enabling it to hold above the important 1.5030 level.
As it happens, the total opposite occurred, with Sterling losing ground against all the majors and one must conclude that it is concern about i) the UK economy ii) the continued move for sharply lower UK interest rates iii) the UK Government's exchange rate policy.
There are strong negatives associated with all three factors and so, ahead of Mr Darling's pre-budget statement on Monday, we are likely to see Sterling vulnerable to the downside.
Sterling LIBOR rates continue their orderly march lower with rates opening another 4-5 basis points lower than yesterday's opening levels. This steady decline must tail off as we approach the next MPC meeting but with expectations of (at least) a 0.50% cut to be announced on the 4th December, rates will likely resume the move lower after that date.
I would anticipate seeing the yield curve steepen unless the Chancellor introduces any of the dreaded âquantitative measures' in his statement to try and force rates lower across the spectrum.
Developments and data from the US yesterday continued to weigh upon both the currency and the stock market with appalling jobs data and ongoing concerns over the future of the US automotive industry the major factors.
Representatives from Detroit, arriving at Capitol Hill, begging bowls in hand (having flown in by private jet !!!!) were told to go away, think about their proposals and come back early next month with more appropriate requests.
Wall Street was spooked by rumours of problems with the BoA/Merrills merger and with the re-capitalisation measures being attempted by Citibank. The number of American workers on the US unemployment register surged to a 25-year high, climbing by 542k to about 4 million. If the economy is turning round, its not yet apparent.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, refinancing rates, uk recession, US loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:55 AM 0 comments
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Wednesday, March 14, 2007
Sub prime lending adds to refinance woes
Wall street suffered its second biggest one day lose of the year so far following concerns over the US sub-prime lending sector. The Dow fell close to 245 points or nearly 2 percent after news that mortgage delinquencies hit a 4 year high in the fourth quarter.
Traders are concerned that the problems in the sub-prime market could spill over into the wider economy and was encouraging investors to unwind further carry trades. In addition to the problems in the sub-prime sector consumer spending fell short of expectations for the month of February.
Headline sales rose just 0.1 percent while sales excluding autos fell 0.1 percent. This is the first drop in sales excluding autos since October 2006. Today we will see the release of the US Q4 current account balance with the median looking for -203.0
During a day in which we saw the renewal of liquidation in many currency pairs the Euro remained fairly stable. Although the German ZEW survey showed a deterioration in analysts sentiment, this figure was less than expected after concerns of an increase in VAT and the recent rate increase.
In Fact, Bundesbank President Weber joined ECB's Lienscher in saying that risks to price stability still remain on the upside and further rate rises may be required.
The trade gap in the UK shrank to its lowest in more than a year, figures showed yesterday. Sterling continued to suffer the most from the unwind of carry trades as risk aversion returns again.
The Nikkei ends 2.92% lower at 16,676.89 booking its 2nd biggest daily percentage fall this year and closing in on 3-mth low as Japanese exporters fall on concerns of a stronger yen and the turmoil in the US lending sector.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Traders are concerned that the problems in the sub-prime market could spill over into the wider economy and was encouraging investors to unwind further carry trades. In addition to the problems in the sub-prime sector consumer spending fell short of expectations for the month of February.
Headline sales rose just 0.1 percent while sales excluding autos fell 0.1 percent. This is the first drop in sales excluding autos since October 2006. Today we will see the release of the US Q4 current account balance with the median looking for -203.0
During a day in which we saw the renewal of liquidation in many currency pairs the Euro remained fairly stable. Although the German ZEW survey showed a deterioration in analysts sentiment, this figure was less than expected after concerns of an increase in VAT and the recent rate increase.
In Fact, Bundesbank President Weber joined ECB's Lienscher in saying that risks to price stability still remain on the upside and further rate rises may be required.
The trade gap in the UK shrank to its lowest in more than a year, figures showed yesterday. Sterling continued to suffer the most from the unwind of carry trades as risk aversion returns again.
The Nikkei ends 2.92% lower at 16,676.89 booking its 2nd biggest daily percentage fall this year and closing in on 3-mth low as Japanese exporters fall on concerns of a stronger yen and the turmoil in the US lending sector.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: refinancing rates, sub prime loans, Wall Street
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:29 AM 0 comments
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Wednesday, February 21, 2007
All lenders eyes on the BoE minutes
Loans interest rates was stronger yesterday thanks to firm money supply and public finance data. M4 money supply grew by a healthy 13% in the month of January while net monthly lending hit a fresh record high.
Today’s release of the MPC minutes from the monetary policy meeting held earlier this month is the main data out this week. The question being is whether there is room for another interest rate hike after the surprise rate hike in January.
If the decision to leave rates unchanged was unanimous, then the odds for a rate hike in March will be very low. If at least 2 members voted in favour of a rate hike, then market expectations will quickly adjust to reflect the possibility of 5.50 % rates next month.
The lack of US data this week aside from the CPI number and leading indicators is helping the dollar recover some of its losses from the prior week. The recently reported drop in producer prices suggests that we could see a similar decline in consumer prices, especially as inflation growth slows globally.
After the CPI report, we have the release of the minutes from the Federal Reserve’s monetary policy meeting in January. This will most likely prove to be a non-event since the minutes should contain a similar the message as the one that Bernanke delivered at his semi-testimony on the economy and monetary policy, which is that they have adopted a wait and see approach.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Today’s release of the MPC minutes from the monetary policy meeting held earlier this month is the main data out this week. The question being is whether there is room for another interest rate hike after the surprise rate hike in January.
If the decision to leave rates unchanged was unanimous, then the odds for a rate hike in March will be very low. If at least 2 members voted in favour of a rate hike, then market expectations will quickly adjust to reflect the possibility of 5.50 % rates next month.
The lack of US data this week aside from the CPI number and leading indicators is helping the dollar recover some of its losses from the prior week. The recently reported drop in producer prices suggests that we could see a similar decline in consumer prices, especially as inflation growth slows globally.
After the CPI report, we have the release of the minutes from the Federal Reserve’s monetary policy meeting in January. This will most likely prove to be a non-event since the minutes should contain a similar the message as the one that Bernanke delivered at his semi-testimony on the economy and monetary policy, which is that they have adopted a wait and see approach.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: Bank of England, interest rates, loans, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 6:17 PM 0 comments
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Tuesday, February 20, 2007
Are inflationary pressures in the UK beginning to diminish?
With the US markets closed for Presidents’ Day and many Asian markets closed for the Lunar New Year, trading has been extremely quiet in the refinancing markets.
News from Japan, the UK and the Eurozone have been driving the fluctuations and this is expected to continue for the remainder of the week since consumer prices is the only piece of notable US economic data on the calendar. The global trend of inflation has been lower and because of that, consumer price growth in the US may slow in the month of January.
Yesterday in the UK a written testimony by the Bank of England to the Treasury Select Committee reported that the trade weighted pound is overvalued and is expected to move lower to close the current account deficit. The BoE also noted that inflationary pressures has ebbed and have become unusually stable.
This follows last week’s report from the National Statistics Office that revealed a 0.8% drop in prices in the month of January. Given the recent weakness in UK economic data, the odds for a rate hike are diminishing. All eyes will be on tomorrows BoE's minutes to see if the decision to leave rates unchanged was unanimous.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
News from Japan, the UK and the Eurozone have been driving the fluctuations and this is expected to continue for the remainder of the week since consumer prices is the only piece of notable US economic data on the calendar. The global trend of inflation has been lower and because of that, consumer price growth in the US may slow in the month of January.
Yesterday in the UK a written testimony by the Bank of England to the Treasury Select Committee reported that the trade weighted pound is overvalued and is expected to move lower to close the current account deficit. The BoE also noted that inflationary pressures has ebbed and have become unusually stable.
This follows last week’s report from the National Statistics Office that revealed a 0.8% drop in prices in the month of January. Given the recent weakness in UK economic data, the odds for a rate hike are diminishing. All eyes will be on tomorrows BoE's minutes to see if the decision to leave rates unchanged was unanimous.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: commentary, refinancing rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:17 AM 0 comments
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Monday, February 19, 2007
Relatively quiet week on the loans data front
A week of choppy trading after a slew of important economic releases left GBP/USD modestly higher by the end of the week.
Overwhelming evidence that inflation pressures have eased in the UK economy kept Cable grounded, with PPI showing that input prices plunged 2.0 percent on petroleum product costs, while output prices jumped 0.3 percent as producers worked to boost profit margins.
Meanwhile, CPI fell materially lower at a rate of -0.8 percent, dragging the annual rate down to 2.7 percent - well below the critical threshold of 3.1 percent that would have prompted a warning action to UK parliament from BOE chief Merve ‘the Swerve’ King.
With interest rates in the UK and US at parity at 5.25 percent, loans trade may remain turbulent as economic data from both countries gives neither bank the impetus to adjust monetary policy in the near-term.
The minutes of the February BOE MPC meeting will likely earn most of the attention for the week, as the market will look to the voting record for the committee’s bias on policy. Mild wage growth is likely to keep hawkish impulses in check.
After a quiet start to the month last week’s blitz of data finally created some action in the currency market.
The US Trade deficit widened to -$61B while the TICS inflows shrank to a miniscule $15B. No matter how you sliced it the balance sheet news was horrid.
The rest of the data was hardly inspiring as well with Retail Sales printing weaker than expected and weekly jobless claims jumping a very hefty 43k more than forecast.
In short the news suggests that US economy is slowing rapidly and if that trend persists dollars woes may only be beginning.
Next week the action once again slows to a crawl with only the CPI and Fed minutes to occupy the markets. We may again begin to trade in a narrow range but for now the bias in the greenback is to the downside and the onus is on the dollar longs to prove the market wrong.
Last week’s calendar in the Euro-zone was relatively subdued and EURO strength came from USD weakness rather than its own data. Both the Trade Balance and the ZEW missed estimates, but not by much. More importantly the EZ GDP was revised to 3.3% from 3.0% original estimate.
Next week the Euro-Zone calendar is also barren with one exception. The German IFO survey is due to be released on Friday night and is likely to be the marquee event of the week. The market is looking for a small drop to 107.5 from 107.9 which if accurate, should not dent the unit much; IFO has hovered near record reading for most of the past year and has been one of the primary foundations for EURO strength.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Overwhelming evidence that inflation pressures have eased in the UK economy kept Cable grounded, with PPI showing that input prices plunged 2.0 percent on petroleum product costs, while output prices jumped 0.3 percent as producers worked to boost profit margins.
Meanwhile, CPI fell materially lower at a rate of -0.8 percent, dragging the annual rate down to 2.7 percent - well below the critical threshold of 3.1 percent that would have prompted a warning action to UK parliament from BOE chief Merve ‘the Swerve’ King.
With interest rates in the UK and US at parity at 5.25 percent, loans trade may remain turbulent as economic data from both countries gives neither bank the impetus to adjust monetary policy in the near-term.
The minutes of the February BOE MPC meeting will likely earn most of the attention for the week, as the market will look to the voting record for the committee’s bias on policy. Mild wage growth is likely to keep hawkish impulses in check.
After a quiet start to the month last week’s blitz of data finally created some action in the currency market.
The US Trade deficit widened to -$61B while the TICS inflows shrank to a miniscule $15B. No matter how you sliced it the balance sheet news was horrid.
The rest of the data was hardly inspiring as well with Retail Sales printing weaker than expected and weekly jobless claims jumping a very hefty 43k more than forecast.
In short the news suggests that US economy is slowing rapidly and if that trend persists dollars woes may only be beginning.
Next week the action once again slows to a crawl with only the CPI and Fed minutes to occupy the markets. We may again begin to trade in a narrow range but for now the bias in the greenback is to the downside and the onus is on the dollar longs to prove the market wrong.
Last week’s calendar in the Euro-zone was relatively subdued and EURO strength came from USD weakness rather than its own data. Both the Trade Balance and the ZEW missed estimates, but not by much. More importantly the EZ GDP was revised to 3.3% from 3.0% original estimate.
Next week the Euro-Zone calendar is also barren with one exception. The German IFO survey is due to be released on Friday night and is likely to be the marquee event of the week. The market is looking for a small drop to 107.5 from 107.9 which if accurate, should not dent the unit much; IFO has hovered near record reading for most of the past year and has been one of the primary foundations for EURO strength.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: interest rates, loans, refinancing rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:23 PM 0 comments
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Thursday, February 08, 2007
UK interest rates stay at 5.25 per cent
Interest rates were left unchanged at 5.25 per cent on Thursday, but the City remains convinced that further increases in the cost of borrowing are just around the corner. The Bank of England’s decision to stay its hand suggests that the majority on its monetary policy committee (MPC) were prepared to wait to see what effect the three 0.25 per cent percentage point increases since August will have on demand in coming months.
It also may point to a fall back in the consumer price index measure of inflation for January, on which the official report will have been given to the MPC prior to their vote.
The jump in CPI inflation to 3 per cent in December, a full 1 percentage point above the Bank’s 2 per cent target, is one of the main reasons for the rate increase in January.
A majority of economists had expected no change in monetary policy on Thursday, but markets were nervous after last month’s surprise quarter point hike.
A survey by Bloomberg showed only 8 out of 50, or 16 per cent, of analysts thought the monetary policy committee would vote to raise rates for the second consecutive month, to 5.5 per cent.
However, 43 per cent of respondents see interest rates at 5.5 per cent or higher by March, and this rises to 74 per cent for rates to be at that level or higher in May.
Investors’ attention will now turn to the publication on February 14 of the Bank of England’s latest quarterly inflation report for a guide to the Bank’s thinking. A week after that the minutes of Thursday’s MPC meeting will be released.
The minutes of the January meeting showed a committee more deeply split about whether to tighten monetary policy than had been expected.
However, for many in the 4 to 5 minority who wanted to keep rates unchanged, their decision was based on a matter of timing rather than direction.
Because of this, a tightening bias is likely to persist within the MPC. And recent data may have only marginally tempered this view.
Surveys of the service sector show continued robust, though slightly slower, growth, while manufacturers appear to be coping, so far, with the strong pound. Significantly, both sectors are showing evidence that companies are enjoying a bit more pricing power.
Retailers, in contrast, still need to offer discounts to entice buyers, but not to the same extent as in the recent past. Consumer spending also remains relatively robust, and a better than expected Christmas has not been followed by a weak new year according to industry data.
Anecdotal evidence of pay negotiations suggest workers are prepared to ask for inflation-beating wages in order to compensate for higher living costs, an area of particular concern for the MPC.
Finally, asset prices continue to rise. The Bank of England says it does not directly target asset prices, but it has made clear that they can add to inflationary pressures as households can feel wealthier and increase spending accordingly.
The Halifax said on Thursday that house prices are rising at an annual rate of 9.9 per cent - though it did warn that recent volatility in prices on a month-on-month basis suggested a cooling market. Weaker mortgage approvals data appear to support this view.
In addition, equities are at fresh six-year highs, buoyed by merger activity.
Though borrowers may have welcomed Thursday’s decision by the Bank, a respected economic think-tank will have been disappointed by the MPC’s reticence.
The National Institute of Economic and Social Research (Niesr) on Thursday called for “at least one further interest rate increase in order to keep inflationary pressures in check”.
Publishing its projection that the economy grew by 0.8 per cent in the three months ending in January, Niesr reiterated its belief that monetary policy should be used to influence expectations.
It went on to say: ”For this reason and bearing in mind the recent pattern of pay settlements, we think that the Bank of England should err on the side of caution and raise the interest rate again this month.”
Niesr may get its wish in March.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
It also may point to a fall back in the consumer price index measure of inflation for January, on which the official report will have been given to the MPC prior to their vote.
The jump in CPI inflation to 3 per cent in December, a full 1 percentage point above the Bank’s 2 per cent target, is one of the main reasons for the rate increase in January.
A majority of economists had expected no change in monetary policy on Thursday, but markets were nervous after last month’s surprise quarter point hike.
A survey by Bloomberg showed only 8 out of 50, or 16 per cent, of analysts thought the monetary policy committee would vote to raise rates for the second consecutive month, to 5.5 per cent.
However, 43 per cent of respondents see interest rates at 5.5 per cent or higher by March, and this rises to 74 per cent for rates to be at that level or higher in May.
Investors’ attention will now turn to the publication on February 14 of the Bank of England’s latest quarterly inflation report for a guide to the Bank’s thinking. A week after that the minutes of Thursday’s MPC meeting will be released.
The minutes of the January meeting showed a committee more deeply split about whether to tighten monetary policy than had been expected.
However, for many in the 4 to 5 minority who wanted to keep rates unchanged, their decision was based on a matter of timing rather than direction.
Because of this, a tightening bias is likely to persist within the MPC. And recent data may have only marginally tempered this view.
Surveys of the service sector show continued robust, though slightly slower, growth, while manufacturers appear to be coping, so far, with the strong pound. Significantly, both sectors are showing evidence that companies are enjoying a bit more pricing power.
Retailers, in contrast, still need to offer discounts to entice buyers, but not to the same extent as in the recent past. Consumer spending also remains relatively robust, and a better than expected Christmas has not been followed by a weak new year according to industry data.
Anecdotal evidence of pay negotiations suggest workers are prepared to ask for inflation-beating wages in order to compensate for higher living costs, an area of particular concern for the MPC.
Finally, asset prices continue to rise. The Bank of England says it does not directly target asset prices, but it has made clear that they can add to inflationary pressures as households can feel wealthier and increase spending accordingly.
The Halifax said on Thursday that house prices are rising at an annual rate of 9.9 per cent - though it did warn that recent volatility in prices on a month-on-month basis suggested a cooling market. Weaker mortgage approvals data appear to support this view.
In addition, equities are at fresh six-year highs, buoyed by merger activity.
Though borrowers may have welcomed Thursday’s decision by the Bank, a respected economic think-tank will have been disappointed by the MPC’s reticence.
The National Institute of Economic and Social Research (Niesr) on Thursday called for “at least one further interest rate increase in order to keep inflationary pressures in check”.
Publishing its projection that the economy grew by 0.8 per cent in the three months ending in January, Niesr reiterated its belief that monetary policy should be used to influence expectations.
It went on to say: ”For this reason and bearing in mind the recent pattern of pay settlements, we think that the Bank of England should err on the side of caution and raise the interest rate again this month.”
Niesr may get its wish in March.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: Bank of England, refinancing rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:58 AM 0 comments
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