Thousands getting into debt to meet housing costs

iStock_000007329749XSmallNew research has shown that thousands of people are taking out loans to help them keep up with their rent or mortgage payments, whilst many more are burying their head in the sand over late payments. Research from the housing charity Shelter, has found that nearly 20% of mortgage holders and tenants have had to take borrow money to keep up to date. Furthermore around 10% of people are concerned they will not be able to pay their mortgage or rent at the ...

Pensions: New alert issued over early access pension ‘liberation’ schemes

iStock_000011714357XSmallA warning was issued this week to pension savers tempted to access their pension before the minimum age of 55. HMRC (Her Majesty’s Revenue & Customs) has warned about vulnerable consumers being targeted by “unscrupulous” firms, offering early access to pension funds, often claiming to have found a loophole in legislation. Speaking this week, HMRC said categorically: “There is no loophole”. According to HMRC pension ‘liberation’ schemes work in a number of different ways, including transfers to company schemes, loans back from the ...

Savings: Funding for Lending Scheme claims another victim

Funding for Lending Scheme claims another victimBeleaguered savers received another blow yesterday as the innovative savings provider, Governor Money, stopped accepting new deposits, blaming a “disastrous” fall in interest rates on the best buy savings accounts as a result of the government’s Funding for Lending Scheme. Launched in April 2011, Governor Money is owned by Family Investments. Their ‘one stop shop’ approach was innovative, giving savers access to a range of banks and building society products, including Cash ISAs, through one account. ...

Housing & mortgage round up: An end to mortgage redemption penalties? Whilst house sales and mortgage lending both drop sharply

Housing & mortgage round upA wide range of stories this week, from the EU voting to ban mortgage redemption penalties, to more confirmation of the stagnant housing market. EU to ban mortgage repayment penalties? Members of the European Parliament have voted to ban early repayment penalties on most mortgage products. However it isn’t all good news for mortgage borrowers, despite the vote to ban redemption penalties it seems as though lenders will still be able to receive ...