Halifax offers to pay their first time buyers stamp duty

The high street bank Halifax, which is part of the Lloyds Banking Group, partly owned by taxpayers, has announced that it will pay up to a maximum of £2500 to cover the cost of stamp duty on properties purchased through them with a value of between £125,000-£250,000. This follows on from their similar offer last year when the government brought to an end its stamp

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Crackdown planned on the payday loan sector

Consumer campaigners are asking that a crackdown occur in order to make the credit industry much more accountable for their actions after finding out that about 25% of those who take out payday loans at high APRs do so in order to pay for other debts.

Watchdog group Which? explained that many borrowers that cannot receive any credit from mainstream sources become so credit for extra

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More than 8m households struggling to manage debt

Over eight million families in the UK have stated that their personal debt is a ‘burden’ on their household. It is estimated that the average home in the UK is about £3,200 in debt. A new report from the Office for National Statistics shows that debt problems have continued to increase since 2008 when the recession officially hit.

The Office for National Statistics report does not

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Personal loan debt falls to lowest level in 14 years

A new banking report suggests that personal loan debt has dropped to a 14 year old low as less and less people are taking out personal loans and the demand for credit makes it harder to secure a loan. According to the British Bankers’ Association, consumers owed a total of £34.5b in December of 2012 on personal loans; which is the lowest figure seen since

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The payday loans issue

The payday loans industry in the UK is estimated to be worth about £1 billion and it has recently become the subject of inquiry as to whether it is aggravating the personal debt crisis that is occurring in the country.

The OFT has recently started the inquiry after becoming concerned that some businesses are offering short-term loans, without adequately checking the ability of the customer to

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Tesco Bank launches their first mortgage range

While it may be presumptuous to say that the industry has been holding their breath waiting to see what Tesco Bank were going to release in the way of their new mortgages, it’s safe to say that many lenders have been watching closely. Now they have finally arrived on the market, the obvious question is where they worth waiting for?

They are offering fixed rate deals

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Brits paying off mortgages rather than borrowing to survive recession

The British Bankers Association has recently stated that consumers are paying back money on their mortgages, rather than borrowing more, in order to get through the recession. The peak amount of borrowing was taking place in 2007 when the crash first occurred and since that time people payback more money in general. In the last month the amount that people were paying back was greater

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The role of a guarantor in the loan process

Many lenders now require that their first-time buyers are able to put down a large deposit before they issue them a home loan. As a result, many people are forced to turn to their family in order to get enough money to make the deposit. However, the good news for the people that have to turn in this direction is that there are now many

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Less than 10% of UK adults have never been in debt

A recent study about debt of people in the UK has shown that most adults in the country now have some form of debt and it is expected that around 30 percent of these people are going to remain in debt for an indefinite period. It is estimated that fewer than 10 percent of adults who are aged over 30 have never owed any money

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The UK in more debt than the government would like us to believe

The UK has racked up too much debt, regardless of whose point of view you want to take on the matter. Media reports generally tend to focus on the high amount of government debt, considering that 80% of national income accounts are being used for bailing out the banks, this statistic is not too great.

However, there is even more debt to account for as well

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