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Don&#39t wait too long to take out a loan, warns AA

The AA is maintaining its lowest-ever internet loan rate (6.5 per cent typical APR) during the run-up to Christmas despite warnings that the days of low-cost loans may be numbered.

Neale Phillips, the AA&#39s general manager, financial services, says: “The recent increase in the Bank of England&#39s interest rate is expected to be followed by a further rise in the new year.

“This means that lenders are unlikely to be able to maintain some of the extremely low rates we have seen over recent months.

“As Christmas approaches, many people start to think about how they can control their spending. December and January are the most popular months for customers to consolidate credit and store card balances and generally tidy up their finances. But now is a good time to act

&#45 there are some exceptional unsecured fixed loan rates available, including the AA&#39s, but they&#39re not going to last for ever.”


SPML launches light adverse mortgage range

Southern Pacific Mortgage Limited is to launch a range of light adverse mortgages from December 1 2003. The seven schemes within the range cover LTVs up to 95%, with rates ranging from 2.25% to 4.25% above LIBOR, depending on LTV and levels of adverse credit history. The loans are available for purchase and remortgage, for […]

Sales growth suggests a gradual return of consumer confidence

New business figures from the ABI show that, for the first time in two years, the amount invested in regular premium life and pensions policies is on an upward trend. In the first nine months of 2003 the value of new premiums increased by 3% from £836m in January to £863m in October. This compares […]

Squirrel Finance Management and James & Co join forces

Squirrel Financial Management and James & Co have merged to take advantage of changes in the personal finance industry. The two Midlands based IFAs say by joining up they will create additional jobs as well increase stability for the company&#39s combined work force. Advisers Jim Higgins, Phil Morgan and Andrew Fearne, of James & Co, […]

Internet mortgage lending hasn&#39t peaked yet

Brian Ewing, head of intermediary sales, Intelligent Finance This summer&#39s internet traffic statistics published by Hitwise show that UK banking sites recorded a 65% increase in online visits over the previous year, with users aged between 25 and 44 being most active in managing their finances online. To examine the success of lending over the […]


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