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Home owners struggling to find remortgage deal

Research from online credit information provider Equifax shows that 23% of home owners are having difficulty getting a competitively priced deal.

Some 25% think they have found it difficult to get a good deal because of past defaults on other credit.

While 19% think it’s because their property has lost value since it was purchased and 9% think it was either because they have applied for a number of other credit deals in the last few months or because they didn’t have a large enough deposit.

A fixed rate remains the most popular option at 54%, followed by tracker/discount and interest only at 16% each.

Equifax found 69% made only one application before securing a new deal with 19% making two to three applications, 21% of those who have remortgaged have done so to help clear their debts.

For those who currently aren’t home owners, 28% won’t be taking out a mortgage in the next six to 12 months because they wouldn’t be able to meet the repayments and 26% because they can’t afford the deposit.

Neil Munroe, external affairs director at Equifax, says: “Along with the news today that rates for new deals are going up again, this indicates that consumer confidence is fairly fragile – although there are some glimmers of hope in consumers’ attitudes to managing their finances.”


FSA to increase regulation of PPI

The Financial Services Authority is escalating its regulatory intervention in the sale of Payment Protection Insurance and advising firms to consider stopping the sale of single premium PPI alongside unsecured loans.

Ireland falls into recession

The Irish Republic has slumped into a recession figures from the Central Statistics Office show.

BSA sees approvals sink 31% to £2.8bn

Net mortgage approvals have plummeted 31% year-on-year in August to £2.8bn from £4bn in 2007, reveals the Building Societies Association.

Don’t play chicken with the Bank of Japan

By Josh Ausden, Head of Client Investment Strategy, Neptune Short-term yen strength has hurt the Neptune Japan Opportunities Fund but recent events have only added weight to our conviction that the Bank of Japan will act to ease policy, boosting multinationals’ profits and weakening the yen. In recent weeks the performance of the Japanese stockmarket […]


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