Achieved News

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  • Shared ownership could suit first time buyers

    Over recent years first time buyers have been experiencing huge difficulties when it comes to getting onto the property ladder, with a number of factors making things increasingly difficult. The rising cost of properties in the UK already posed a problem for first time buyers, with many being unable to get a mortgage for the amount needed as well as experiencing difficulties in raising a deposit for such a high amount of money. As a result of this many banks had to increase their income multiples to provide increased access to mortgages for first time buyers on lower incomes and with no equity from a previous property.


  • Consolidating your debts effectively

    Many households in the UK have high levels of debt these days, and for many debt repayment can be a real struggle that involves juggling an array of repayments and stretching the budget in order to try and accommodate all of the repayments that have to be made each month. Although some people do manage to keep on top of their debts, for many others this contact juggling can quickly lead to missed and late repayments, which in turn can lead to damaged credit and a low credit rating.


  • UK consumers not keen on longer term fixed rate deals

    According to recent figures the majority of consumers in the UK tend to shy away from lender term fixed rate mortgage deals, despite the Chancellors determination to make such deals more commonplace and accessible to consumers in a bid to increase affordability and financial stability for homeowners. Alistair Darling has been pushing for more lender term fixed rate deals over recent weeks, and although there are now far more of these deals available consumers don't seem to want to be tied in to a particular rate for such long periods.


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  • Sharp drop in mortgage lending for September

    According to the latest figures released by the Council of Mortgage Lenders September saw a sharp drop in mortgage lending, which many experts state is yet another sign that the housing market is cooling down. This comes shortly after reports that the number of mortgage applications being rejected by lenders has soared over the past six months, with many lenders introducing more stringent borrowing criteria in a bid to cut back on the risks of bad debts in light of the current credit crunch that has taken effect in the UK and worldwide.


  • One MPC member wanted to cut interest rates

    The minutes from the last Monetary Policy Committee meeting, which took place at the beginning of October, has shown that one member of the committee voted to actually lower interest rates by 0.25% this month. However, he was outvoted by 8-1 and as a result the interest rate was kept on hold for the third consecutive month. The Bank of England has raised interest rates five times since August 2006, with a series of 0.25% rises between August 2006 and July 2007. However, since July interest rates have remained on hold at 5.75%.


  • Loan companies using aggressive tactics to recover money

    A recent report has highlighted how some lenders have been using aggressive tactics and below par methods in order to try and recover money owed by customers. The Consumer Credit Act was reviewed in order to try and stop this type of action from loan companies but according to some experts and customers these methods are still being used, causing untold stress for customers and resulting in a flood of complaints to the Financial Ombudsman Service.


  • No golden handshake for Ridley

    Former chairman of stricken bank Northern Rock will not be receiving a golden handshake after resigning late last week. Matt Ridley had been in post as chairman for the past three years, earning a salary of £315,000 a year. Many thought that he would receive a handsome payout after his resignation, but according to recent reports Ridley will not receive any payout.


  • House prices continue to tumble

    House prices in certain parts of the UK are continuing to tumble according to a recent report from the Royal Institute of Chartered Surveyors. Figures show that the West Midlands, East Midlands and East Anglia are amongst the hardest hit when it comes to house price falls according to the figures. Many of the members of the Royal Institute of Chartered Surveyors reported falling house prices in their areas through September, and this situation had been predicted by many industry officials who are expecting the market to grow increasingly subdued over the coming months.


  • The Rock raises its rates

    Stricken high street lender Northern Rock has been branded the worst offender in the pool of banks that have raised their unsecured lending interest rates over the past few weeks. A number of banks have been raising interest rates on unsecured loans as a result of the credit crunch and turmoil that has hit the UK's financial markets. The Rock has had to cope with additional problems following the chaos that ensued when it was discovered that the Bank of England had bailed out the lender.


  • Barclays cuts it loan rates

    Major high street bank Barclays has announced that whilst its rivals are busy increasing interest rates on personal, unsecured loans as a result of the credit crunch that has hit the UK it is actually cutting the interest rates on its personal loans. According to a recent report Barclays is cutting the interest rates on its personal loans by up to 0.6%. This means that existing customers can enjoy rates of 6.8% on the BarclayLoan Plus, and the bank is confident that it can also offer impressive deals to new customers as well.


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