Same old story, another Bank of England Thursday meeting, another rise in interest rates and more misery for home owners. Well, it may not be every meeting of late which has seen interest rates rise, but it is certainly becoming a habit. If the expectations regarding this weeks economic news is anything to go by we may soon be seeing base rates of 6% and above!
But are people really struggling?
It seems almost inevitable that Thursday’s meeting of the Bank of England committee will sanction a further quarter percent rise in the UK base rate. Recent comments by some members of the committee have led many to believe that a move upwards is almost certain, a view further strengthened by recent news confirming that property prices have risen again, and inflation is still fairly strong.
The last few years have seen a major loosening of the criteria for overdrafts, with many banks offering them as a matter of course. This has resulted in the majority of UK bank account holders taking up the offer of an overdraft, often over the choice of a short term loan - but which one is really best for you?
The majority of mortgages in the UK are in joint names, but it seems that old small print clauses from years gone by have not been removed. The clauses refer to the liability for payment of outstanding debts if a share of the property is used as collateral for a loan. The problem comes whereby the other party to the mortgage is unaware of the loan against the property.
While the UK continues to be one of the more buoyant internet markets in the world, with internet usage higher than even the likes of the US, you have to ask the question “Are you making the most of online finance?â€. The answer for many UK surfers is probably no, but why is this?
There are a few reasons why surfers may not be making full use of the internet superhighway, but some of the main ones appear to be :-
As we move into June and approach what many expect to be another rise in interest rates, the news from the high street seems to be indicating that recent rate hikes may finally be having some effect.
Even though the figures were effected by wet weather throughout the month of May, the fall of 1.8% compared with May 2006 is a welcome relief to the Bank of England. So have interest rates now peaked in the short term?
