Greedy banks in Mortgage rate rip-off

Greedy banks in Mortgage rate rip-off

Thursday, January 17, 2008

Lenders are hitting consumers with increases far above the official interest rate, according to new figures…

Average rates on personal loans have increased by more than the Bank of England base rate since November 2006, according to price comparison service MoneyExpert.com. The official rate of interest currently stands at 5.5 percent, up from 5 percent 14 months ago, but typical loan rates have risen at a far faster rate, irrespective of the loan amount.

People looking to borrow around 3,000 pounds have been the hardest hit, with average rates rising by 2.55 percent to 14.9 percent from 12.35 percent. Borrowers looking for larger loans -- typically more attractive customers for lenders -- have been hit too. Average rates on 12,500-pound loans have risen by 1.6 percent to 8.78 percent from 7.1 percent.

The increases have affected people's ability to repay their debts, MoneyExpert said. One in 50 adults has failed to make a payment on a personal loan in the six months to 21 December 2007, according to a YouGov poll of 2,000 people for Citigate Dewe Rogerson.

Sean Gardner, chief executive of MoneyExpert.com, said: "With the cost of living on the increase, the obvious thing to do for anyone feeling the strain is to borrow money to tide themselves over.

CLICK HERE TO PRINT THIS PAGE

CLICK HERE FOR OUR FULL NEWS ARCHIVE

Get this news on your website !

If you have a website, whether it is a personal homepage or a fully fledged estate agent service, you can get our news headlines included on your site. Both these newsfeed services give you the option of having the full news content from TheMoveChannel.com - not just the articles that appear on country subdomains such as this one:

Premium service

For just £50 / month, you can now have your own customised news service on your website. With the XML-based service, articles actually appear on a page on your site, making this a sticky feature that won't result in your traffic leaving. You have control over the display format to show your choice of headlines, dates and short article introductions and can apply your own style sheet or control the display format with XSL sheets. Finally, you can also set your subject preferences so that your feed only displays articles which are relevant to your site audience.

Top News Stories:

Brits abroad have 'no regrets’
6/19/2008 - Expats who’ve escaped to sunnier climes seemingly have no regrets about leaving the UK…

Canny FTBs remain ‘undeterred’
6/19/2008 - A new survey has revealed that FTBs are increasingly entering the new homes market with confidence...

Londoners love ‘laid-back’ Italy
6/18/2008 - A survey has revealed that Londoners see Italy as the most desirable place to buy property...

Sponsored listings:


Worldwide	England	Northern Ireland	Scotland	Wales	London	Spain	France	Italy	USA	Investment


Privacy policy Terms of use Support Bookmark now! uk index						TheMoveChannel.com is a protected Trademark. Copyright © 2000 - 2008 On The Move Ltd. All rights reserved.