Essentially Home Loans Weblog

Many analysts in the financial industry are upset at the way many debt management firms are using high interest, increased repossessions, and insolvency rates to sell financial products, sometimes to consumers who do not need them.
This trend is growing as fast as the debt management industry itself. This is causing many people to avoid buying [...]

The number of mortgages approved fell four per cent in May from a year earlier.  The British Bankers’ Association said that home loan approvals fell to 77,443 last month from 80,000.
The value of mortgages rose nine percent.
“Contrary to the recent stable trend, the banks’ gross and net mortgage lending strengthened in May, reflecting an improved [...]

The Bank of England increased the interest rates from 5.5 percent to 5.75 percent last month. Even as the monetary committee closed their session, analysts are claiming that it is the first of three interest rate hikes expected for 2007.
The Bank of England Monetary Policy Committee (MPC) warned that inflation is a worry: “most indicators [...]

The FSA has already referred five mortgage brokers to its enforcement division, including firms whose irresponsible practices were identified in the 2005 study but who refused to improve their practices.
The FSA also discovered that half of sub-prime mortgage advisers fail to validate customers’ suitability for a loan and one third of advisers do not assess [...]

After the recent base rate rise, it is believed that more than six million homeowners with variable rate mortgages will be stretched by more expensive monthly costs.  The Bank of England has increased the base rate for the fourth time since last August and at 5.5 percent, the base rate is now at its highest [...]

Figures published recently showed a 1.04-billion-pound deficit in February, half of what analysts expected.  Economic growth spurred tax receipts and government departments cut spending. With one month remaining in the current fiscal year, Brown increased deficit to 26.9 billion pounds.  However, it was still lower than the 36.8 billion pound gap he expected for the [...]

A report published by the charity behind National Debtline looked at whether free advice services are meeting the high demand for debt management assistance among UK consumers who are facing insolvency.
The study reveals that 50 per cent of debt advice organisations, both charity and non-charity, have experienced an increase in demand for their services in [...]

The heartache behind the UK’s debt mountain became clear when statistics reveal the repossession rates.   A recent report announced that Hampshire saw 1,050 homes repossessed in 2006, about 300 more than 2005. Hampshire’s Citizens Advice Bureaux report that up to 50 per cent of their clients are struggling with unmanageable debts of £100,000 and more.
In [...]

A survey published by leading debt solutions consultancy, Thomas Charles, found an startling increase in the number of consumers struggling to meet loan repayments.
The report states that adults having recurring problems repaying their debts rose 9 per cent from 1.8 million, 21 per cent, in April 2006 to 2.5 million, 30 per cent in October [...]

A survey by the Local Government Association reports that council tax bills are set to rise by an average of 3.5 per cent April.  These figures are based on draft budgets from a quarter of councils. However, the rest have until March to finalise their plans.
This is good news for consumers carrying high levels of [...]