Finance Articles
Below you'll find helpful articles about all aspects of UK finance and loans.
Managing your finances during the credit crunch
This time last year we were experiencing and enjoying the joys of 'easy credit'. For some people this was a good thing and for others very bad. It certainly led many consumers into a false sense of security and made living a luxury lifestyle on credit all the more appealing.
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Spring Clean Your Finances
It's always worth having a bit of a spring clean of your finances every few months and coming up to April (the 4th month since our New Year clear out), we thought it high time to make sure you aren't overspending in any area of your life.
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Home Improvement Loans
Moving house can be an incredibly stressful and expensive time, and it seems that more and more people are opting to improve their homes instead of upping sticks and moving to a different house.
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Joint Loans
If you are in a relationship or married, you are eligible to apply for a joint loan together. Joint loans are one way to raise finance for any purpose you require. You can apply for a loan on your own, however you are more likely to be eligible to borrow a larger amount of money if it is a joint application. This is because the lender will determine how much money to offer you according to your income. If the income is a joint one, it'll be larger than a single salary.
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Joint Mortgages
With property prices on the increase, it can be difficult for some people to make that initial move and buy their first property. It's not such a problem for married couples or those who are co-habiting as they can apply for a joint mortgage. By combining both the applicants incomes, you will generally be given a bigger mortgage than if you were buying singly. A joint mortgage also means it could be easier to save up an initial deposit, if there are two of you doing it as a joint venture.
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Why do people transfer their mortgage?
A mortgage is a major financial burden, but hopefully a great investment too, as property usually increases in value over the years. Because most people repay their mortgage back over a long period (the average repayment term is 25 years), it is definitely good practice to keep reassessing and checking on the suitability of your mortgage as the property market alters, just as your personal circumstances will over this extended period of time.
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How Much Can I Borrow With A Loan?
There are many variables that will determine how much you will be able to borrow. Every loan will be different because of these variables which include your present personal circumstances, the lenders criteria and how much you wish to borrow.
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Credit Scores
Everytime you enter into some kind of contract with a company, you will leave a footprint on your credit record. This can include anything from applying for or getting a loan or mortgage, setting up a contract with a mobile phone company or arranging some kind of insurance.
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Bigger Loans Could Work Out Cheaper
It is common practice for loans companies and other money lenders to have a tier system in place which sets the rate for which they charge interest on any loans taken out with them.
What does it mean? Strange as it sounds, it means that by borrowing more, you may be better off and end up paying less interest. This means paying less overall on the total amount of the loan.Read on...
New Year Resolutions: Start Saving
The New Year seems to be a good time to sit down and think about your finances. It always seems much clearer at the beginning of a fresh year, before life generally carries you away. Making sure you review your current situation, make changes where they are needed and taking time out to think to the future are very necessary things we have to do, but so many people try and avoid them, worried about what they will find out.
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New Year Resolutions: Get Out of Debt
A New Year and a new start to your finances. It can be pretty depressing to see how much money you owe and how much interest you pay on a monthly basis. Money you could be saving or using to enjoy the finer things in life. Especially with the current credit pinch that we are feeling, as lenders tighten up their criteria and are getting tougher on missed loan re-payments, it makes absolute sense to clear your debt as soon as possible.
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Saving for your retirement: Pension or ISA
With talks about the new Pension Scheme that is set to change the pension scheme as we know it, pensions are on everyones lips at the moment. But have you thought about what is the best option for you?
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Plan for a financially Happy New Year
Struggling to cover your monthly repayments? Wonder how you'll ever get to enjoy the season of goodwill? With a few tricks up your sleeve and a bit of background knowledge we can help make sure you have a fantastic Christmas and New Year without starting 2008 in more debt.
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Mortgage Exit Fees
Mortgage Exit Fees or Mortgage Exit Administration Fee (MEAF) as they are officially known, are a charge incurred when you finally get to that lucky moment when you fully pay off your mortgage. The MEAF is to cover general administration costs of ending your mortgage, including staff and legal costs and changing the property registration details with the Land Registry, so the property bears your name.
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The bad deals in the world of finance
The world of finance has a host of different products and offers out there to entice the general public to want them. Some are very good value, some are very useful but there are always a few bad grapes in the bunch. So here is a short guide on the bad deals in finance - the ones to avoid.
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Loans: How long will it take to get my loan
Once you've decided that you need to apply for a loan, many people want to get the loan as quickly as possible. But how long will it take? There are lots of factors that can affect how quickly a loan goes through. Before your loan application is accepted there will be some investigations and paperwork involved to determine whether the lender is prepared to loan money to you. Obviously the more paperwork involved, the longer the loan can take to complete.
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Loans: How much can I borrow
Right, you have decided that you need a loan. The next stage is to work out how much you need to borrow, but you also need to consider how much you can realistically afford to repay every month until the loan is fully paid off.
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Types of Loan Purposes
Loans are often thought of as being a bad thing to have, or for many people it indicates that you are going through a rough patch financially. This isn't necessarily always the case. Loans are very useful things to have, provided you do it sensibly.
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Loans: The Do's and Don't's
There are so many financial companies wanting to lend you money, it is hard to know who to choose. With all the competition available it is easy to get confused and be mislead. Many high street banks and building societies can be un-competitive with their prices, even if you are a loyal customer of theirs. Most lenders do not work on loyalty so don't feel obliged to go with your usual bank.
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A Guide to the Different Mortgages Available
It doesn't matter if you have had mortgages before or not, it is still a big financial decision to make. Even more so nowadays with the huge choice of mortgages available. It can get confusing with the different options being offered. The most important two things to decide on are what loan type do you want to get and how do you wish to repay the loan. Here is a guide to what options are available to you today.
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Reducing Monthly Outgoings
Having a small amount of debt is generally not a problem for many people. It can help us out in those unexpected times of need, emergency situations such as vehicle and home repairs or even just to be able to treat ourselves now and again. The troubles come when people start increasing their debt by applying for store cards, more credit cards and even just paying the minimum amount each month can cause problems.
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Christmas Loans
The christmas holiday period seems to get longer and longer and the increased cost of presents, wrapping, parties and food bills just grows each year. The latest christmas toys for kids are now averaging at about £40 each, and the pressure to get bigger and better toys than everyone else can create a lot of pressure on you. It's no wonder that Christmas can be one of the most stressful times of the year. There is enough to think about without worrying about how you are going to finance your way through the holiday season.
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Loan Payment Holidays
A loan repayment holiday is a period of time - normally at the
beginning of the loan term - where the lender allows the
borrower to avoid loan payments. It's a feature that many lenders offer to provide flexibility to their customers. Of
course, not everybody decides that they need to take a payment holiday. However, many borrowers do choose to take
advantage of the option.
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What you need to know about Current Accounts
Most people in the UK have at least one current bank account, some may have a couple for different purposes or maybe you have a neglected pre-historic account that was opened for you when you were 10 years old. Either way it is well worth taking a look and seeing if your current accounts need an overhaul.
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Don't waste your hard earned cash
Learn from other people's mistakes and follow this sound advice to help you avoid losing money and suss out who are the con artists.
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How to Deal with Interest Rate Changes
Over the past year the Bank of England has increased interest rates from 4.5% to 5.75% in just 12 months. Whilst higher rates benefit savers, it doesn't bode so well for those with a mortgage, especially if you have very little reserve in your monthly budgets.
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Why Choose A Secured Loan for Debt Consolidation?
The choice of loans, overdrafts and other finance deals is expanding at a rapid rate. This obviously puts the applicant in a much stronger position due to the amount of competition, lenders will be fighting over your business, but it also means that with so much choice available, how do you make sure you choose the right deal for you?
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