Homeowners ‘Look For Financial Security’
Topics: britons, looking, for, financial, stability, fixed, rate, mortgage, loans, secured, personal, loan, finance
Millions of Britons are looking for financial stability, new research shows.
In a study conducted by Abbey, an estimated 5.1 million, or one in three, homeowners claim that if they had to remortgage their property immediately then they would choose to fix the rate of interest payable for a period of five years or more. According to the findings, some 2.5 million people would opt to keep mortgage payments consistent for five years, while 1.1 million look for a ten-year deal. Meanwhile, some 1.5 million would like to see their rate stay consistent for 15 years. And in making sure interest rates remain at a consistent level, many homeowners could find their monthly payments stay the same, which in turn could help them to meet other areas of financial demand that they might face such as loans, utility bills and credit cards with greater ease.
The study also indicated a fall in popularity for the once well-received two-year fixed-rate deals. Over the summer, more than 40 per cent of respondents stated that they would choose this type of product. However, this level has now dropped to 12 per cent.
Commenting on the figures, Nici Audhlam-Gardiner, head of mortgages for Abbey, said: “For most of us our mortgage is the biggest financial commitment we make so it’s understandable that we want to know just how much we’re going to have to fork out each month. You never know what’s going to happen in the future, but at least if you’ve committed to a long-term fixed deal, you know where you are going to stand with your repayments. Borrowers need to be sure however that the deal they take out is right for them and that they understand the different types of mortgages available before signing up to anything.”
Out of the total 8.8 million Britons stating that they would like to fix their mortgage payments about two-thirds (65 per cent) claim that they want to know exactly what their monthly outgoings are. In doing so, many people could find that they are able to draw up budgets more effectively and pay off loans with greater ease. The study, in which more than one reason could have been selected, also indicated that about half of homeowners believe that the Bank of England will increase interest rates within the next two years. With such moves potentially placing pressure on many consumers’ finances, their ability to make repayments on mortgages, secured loans and other demands on their finances could decrease. Meanwhile, three per cent of those surveyed report that in the past they have been “stung” financially by a variable or tracker mortgage deal.
For people worried that a rise in the base rate will place further pressure on their spending, using the equity built up in a property to take out a secured loan could be an advisable way in which to relieve financial anxieties. Speaking earlier this year, Katie Tucker, product specialist for John Charcol, reported that remortgaging could see homeowners save hundreds of pounds on their monthly mortgage payments, especially for those consumers who are coming towards the end of fixed-rate or discounted deals. She added that such a move could also help consumers free up money to make home improvements.
Steve Smith writes for 1 stop finance shop where visitors can apply for UK secured loans and also focuses on personal loans and bad credit loans for UK residents. Visit Today: www.1stopfinanceshopuk.biz
Previous Articles Highlighter:
Avoid Foreclosure - Market Your House For Sale By Owner (1)
It may sound hokey, but folks will feel like they are home, which is what you want. Again, if you are facing foreclosure and want to sell your home, selling it "For Sale By Owner" may be the route to go.
Older People 'Under Financial Pressure' (2)
According to the Commons public accounts committee some 1.6 million of the over-60s could be missing out on about 2.1 billion pounds which is waiting to be claimed. Consequently, Ms Wanless urged that the government must do more in boosting consumers' awareness of such a product.
Invest In Real Estate And Create Capital By Flipping A House For Cash (3)
Instead of closing the deal yourself, you will assign it to a real estate investor - for a small fee. The investor will take the contract over and close the purchase themselves.
Britons 'Wary' About Financial Future (4)
Consequently, the index had decreased from the two points recorded in October, the same figure also recorded in November 2006. Going forward, people's opinions on how their personal finance situation will fare during the coming year retained a positive score at +9.
Mortgage Advice In A Real Time Of Need (5)
After shopping around with mortgage lenders, my mortgage adviser was able to secure me a mortgage specifically tailored to the needs of a self employed person. It encompassed a debt consolidation arrangement, business protection and proper insurance cover.
Student Loan Consolidation Info - How Do I Get My Student Loan Approved? (6)
Read over your application a few times to make sure there are no mistakes before you submit it. You can expect to get less money paid than what you applied for with some of the loans you will find.
How To Buy Pre-Foreclosures (7)
She's on a mission to teach others to create wealth with Real Estate. She's giving away a $300K house, a Mercedes C Class and a Mercury Mariner SUV Hybrid.
Housing Market Inventory For November (8)
This figure actually is higher in Florida and even higher in Tampa Bay. What is of concern is the fact that the amount of time it would take to deal with the current inventory is a period of time that is significantly longer over the estimate of one month ago.
Not Knowing The Rules Governing Employee Or Self Employed Status Could Cost Thousands (9)
Should the worker provide his own tools and equipment to perform the tasks and bear the costs of doing this then self employment would be indicated but should the employer provide such equipment then workers status is more likely to be interpreted as employee.
How To Choose A Debt Consolidation Company (10)
So be careful when you sign up. Make sure they offer you choice and flexibility, and that their staff are all qualified insolvency practitioners, not just loan salesmen. www.best-debt-consolidation.co.uk offers a wide range of services and options to those under financial stress.
Basic Types Of Health Insurance (11)
Depending on your policy, it may or may not pay for prescription drugs or psychotherapy. Managed care can be thought of as the opposite of indemnity care. With a health maintenance organization (HMO), your deductibles are often smaller than with other plans.
Using A Credit Union For Your Savings (12)
According to the Credit Union National Association there are over eighty million Americans currently enrolled in credit unions. This huge number of participants is not a fluke. There are reasons why people choose unions over banks.
Day Trading Psychology - An Unspoken Rational Approach (13)
Learning how to do this is the most rational way of dealing with fear, greed, and other problems of day trading psychology, and it's the main key to my own success as a trader.
Top Paye Questions Answered (14)
There are numerous conditions which are applied to determine if a worker is an employee or self employed and several years after that worker joined the business the potential tax liabilities can come back to haunt the employer.
How To Earn Extra Money On The Weekends (15)
Window washers make money by the hour. If you plan to start a window washing business, you should find business clients who need the service over the weekend... such as restaurants or residences.
Liability Car Insurance Protects You (16)
Not only can the coverage save you money in the long run, it can also spare you hudge fines and other unpleasant consequences, like court. Claims for liability car insurance may pay for medical bills, loss of income or pain and suffering.
Finding Cheap Bankruptcy Lawyers For You (17)
A good lawyer will help you with repayment plans and debt management. Before you finalize your choice make sure you share a comfort level with your bankruptcy lawyer. You want a lawyer who understands the system and will do a good job to represent you.
Pay As You Earn Wages And Salaries Tax Scheme Explained (18)
Register to administer a PAYE scheme is obligatory if the employee has other paid employment or has earnings at or above the PAYE threshold and liable for deductions of income tax, or has earnings at or above the national insurance lower earnings level.
Baby Boomer Business Sellers - The Rush To The Exits Could Erode Company Valuations (19)
Your advertising budget is twenty times your old budget. You now have a network of 50 manufacturers reps supporting sales. Your new company's access to growth capital dwarfs what was available to your little company.
Annuities: Consumer Alert: Equity Indexed Annuities (20)
Most EIAs will put a ceiling on how much you can earn, no matter how much the stock market goes up. But that doesn't mean you can earn the maximum amount because...
Newer Articles Highlighter:
It Is Getting Harder To Find Debt Solutions (1)
But, in 180 degree contrast to the opinion stated by the DRF, TIX is under the impression that IVAs would be taken out by more over extended borrowers if there were lower fees.
Will Bankruptcy Lead To You Losing Your Home? (2)
You see a Chapter 13 Bankruptcy or also known as the personal reorganization bankruptcy. Is made to be different then the Chapter 7 Bankruptcy. With Chapter 7 Bankruptcy you will be able to settle your debts fairly quickly, like 3 to 4 months.
Please See ID Or Not? (3)
So how, in a world with so much crime and such a rising percentage rate of identity theft, do you keep yourself safe? How can you better protect your identity by taking extra precautions to keep your credit card from falling into the wrong hands?
How You Can Get Rid Of Your Loan Debt (4)
Organize your financial records. You need to know exactly what you have in order to organize a visible plan you can work on and see the changes as they occur.
Online Forex Trading Course: Introduction To Forex Trading (5)
Gregory DeVictor is a consultant who has been developing and marketing web sites since 1999. Through a series of videos and easy-to-understand Forex trading courses, you can receive the proper training needed to develop an effective Forex trading system at: www.forex-trading-system.name
How To Use Certified Diamonds To Invest Your Money Wisely? (6)
On the other hand, if you cannot afford to spend millions of dollars in a single diamond, it would be best for you to buy certified diamonds that are of considerable sizes and very good quality.
Learn About Biweekly Mortgage Payments And There Benefits (7)
This type of an option is classified as a biweekly mortgage payment system and is offered by many new financial institutions in todays business world. A biweekly mortgage payment requires some effort on the part of the customer to learn about, but is pretty simple and plain to completely understand.
Sprucing Up Your Home To Get It Ready To Sell (8)
Another idea I heard from a colleague that I thought was a great is to set up a scene on the front porch. If you do have a porch that allows for some space to work with, you could set up a rocking chair or some modern patio furniture, depending on the style of your home to create that inviting feeling.
How Does Forex Currency Trading Work? (9)
When this agreement had collapsed, the modern era of foreign exchange then emerged in 1971. By then the U.S Dollar was no longer convertible to gold, signaling an increase in currency market volatility and trading opportunities, however, during the collapse of the Smithsonian and European Joint Float agreements in 1973, the true free-floating currency exchange began to transpire.
Smart Retirees - Why Phased Retirement Could Save You In Your Golden Years (10)
The topic of phased retirement has started to become more and more widely discussed and while we may not see it come to fore until baby boomers decide to call it quits, phased retirement is already being tried in some industries.
Retirement Planning - 2 Options To Consider For Successful Retirement (11)
Basically, phased retirement will give you the opportunity to continue to work in some capacity past whatever age you decide to retire. There will be a broad range of options available.
Basement Renovations 'Add Both Space And Value To A Property' (12)
By getting an extension above ground level, the director reported that consumers will discover that they will have "virtually no garden" and could well end up decreasing the value of their home.
The Merits Of Bad Credit Debt Consolidation (13)
How you decide to handle the debt in future is then up to you, but at least you have started on the journey to financial recovery. www.best-debt-consolidation.co.uk offers a wide range of services to those in financial distress.
Why People Are Relocating To Gated Communities (14)
The city continues to top the nation's chart for growth in population and housing starts, with a strong economic base and a growing population of well-educated workers on which to draw.
Day Trading Success - The Key Is Survival (15)
"Rules-based trading" is better than an undisciplined approach, that's for sure. But simple mechanical rules have not worked for me. Like every successful discretionary trader, I've learned to recognize a group of high probability situations (or setups) that put the odds on my side.
10 Steps To Professional Day Trading (16)
5. Practice fading the emotional extremes on your entries. (Fading means entering in the opposite direction of the market's last move.) When an extreme NYSE-Tick (often above 1000 or below -1000) occurs at the same time the market accelerates into a support or resistance area, look for a price stall or reversal and fade the move.
The Purpose Of Debt Consolidation Brokers (17)
One of the reasons they are sometimes called debt consolidation brokers is that they actually broker your existing debts by approaching your creditors and actually reducing the debt at the start of the service.
How To Get A Bank Loan (18)
You simply have to follow the process. The first thing that you have to do to get a bank loan is to apply for one. This is a process that is going to require a lot of information on your part.
What Is Repossession? How To Avoid It (19)
You may find yourself looking around for a long time in order to find a lender who will help you with this type of problem, but rest assured there are companies that are willing to help you.
Electronic Check Conversion And How It Works (20)
In addition, you have different rights with an electronic check conversion transaction than you do with your normal check payments. With an electronic check conversion, consumers have the legal right to an investigation by bank when an error occurs.