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Latest Loan / Finance News
Repossessions could increase due to rate increases and property price falls

The financial regulator in the UK, the Financial Services Authority, has warned recently that there could be a further surge in repossessions in the UK in the event that interest rates increase or property prices fall significantly. The FSA has warned that shock interest rate increases or property price falls could see millions of families put at risk of losing their homes.
Over the past couple of years concerns over repossession levels have been soaring, and the government has been putting various measures into place to ensure that repossession action is used as a last resort by the banks in the UK. Whilst the situation has eased off as a result of improvements in the property market and the rock bottom base interest rate, which has been at an all time low of just 0.5 percent for a year, the FSA is concerned that this could quickly be reversed of interest rates surge or property prices start to fall again.
Officials from the FSA have said that the families that are most at risk are those that have failed to pay off their debts, and could therefore be hard hit in terms of their finances if interest rates go up or property prices fall. Many young professionals who took out mortgage loans that were many times their income in order to get onto the property ladder could find themselves in risk of losing their homes, as could those that have been living beyond their means through the use of loans and credit cards.
Many middle class families could find their income slashed and their finances deeply affected by any increase in interest rates, a further house price crash, or from rising unemployment. Many may find that this leads to them being unable to keep on top of their mortgage repayments, and this could eventually result in them losing their homes and could push repossession figures back up.
The warning comes after it was revealed that millions of people that are desperate for credit have been applying for credit cards, with some charging interest rates of an astonishing 60 percent. These are amongst the groups that are most likely to suffer in the event that their finances are affected by interest rates, house prices, and job losses.
more ....


More news this week ...

FSA issues warning on packaged bank accounts - The UK's financial regulator, the Financial Services Authority, has issued a warning over packages bank accounts, which are accounts that major UK - 11th March 2010 more ....

Savers being penalised through rock bottom base rate - The recent news that the Bank of England base interest rate was to remain at its all time low level of 0.5 - 10th March 2010 more ....

Failure to return faulty goods costing Brits a fortune - Millions of people in the UK go out shopping or get online to purchase goods only to find that they are faulty - 9th March 2010 more ....

















































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Rates range from 7.7% to 23.5% APR - Typical 12.9% APR
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
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