Potential homebuyers are still in need of financial help to get on the property ladder, as new research has revealed that mortgage lenders are continuing to demand high deposits.
Statistics from financial information service Moneyfacts have uncovered that, despite an expanding number of deals on the market, more than two-thirds of the 1,485 mortgage offers currently available require customers to put a minimum 25% deposit on their new home.
22 million savers are in need of financial help as the recent dramatic fall in the interest base rate has left them confused about their finances.
According to a leading price comparison website, 51.6% of savers in the UK have no idea how much interest they currently earn on their ‘rainy day’ money.
The UK population is turning to home comforts in order to offer them debt help, as 12 million adults plan save money by holidaying in Blighty this year.
The survey by travel insurer LV= claims that 25% of Britons will take their main break in the UK in 2009, whilst a further on in eight (15%) are sacrificing their summer holiday altogether in order to make ends meet.
The UK car industry is in desperate need of financial help as vehicle sales slumped by 30.5% last month alone.
The latest data from the Society of Motor Manufacturers and Traders (SMMT) claims that the number of new UK registrations fell by over 100,000 in March to 313,912 cars. This is particularly bad news for vehicle production as March is the month in which new car registrations come out.
Leading financial advice experts are claiming that borrowers should take advantage of competitive fixed rate mortgage deals now, as rates are set to rise again over the coming months.
Following a dramatic drop in the UK base rate from 5% to 0.5% over the past year, many variable rate and tracker mortgage holders are enjoying a significant reduction in payments.
New research by Abbey Savings has revealed that people in the UK are not exercising enough financial awareness when it comes to their nest egg, with 2.5 million British couples paying too much tax on their savings.
Nationwide is offering debt help to thousands of Britons through a support programme for vulnerable members of society.
The Nationwide Foundation has made £3.2 million available to help tackle the issues of housing and financial exclusion amongst disadvantaged groups.
Two new grant programmes and an investor scheme will be open to charities that tackle social and financial issues.
Thousands of homes could be in need of debt help as utility prices rise again, according to a leading price comparison website.
Uswitch has revealed that the annual household water bill in the UK will rise by 4.1% in 2009, increasing on average from £330 to £343.
Hundreds of rail workers have been left in need of financial help after railway engineer Jarvis announced it plans to axe 450 jobs.
The York-based company employs around 4,000 staff and carries out major maintenance and improvement projects for Network Rail.
However a reduction in spending by Network Rail has led Jarvis to reveal that it will be streamlining its operation through a redundancy programme.
According to the Bank of England, the credit crunch is leading homeowners to become more financially aware, as an increasing number of families are opting to pay off their mortgage despite the opportunity to reduce payments.
Although a dramatic drop in the interest base rate has given many households the option to decrease their monthly repayment figure, £8 billion in mortgage borrowing was paid back by the British public in the final quarter of 2008.
