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As many householders gear up for their annual spring clean, moneysupermarket.com is reminding people to ‘tidy up their finances as well as their homes’.  It would seem that by switching to the best deals on financial products, a saving of £3,469 could be made over the course of the next 12 months.

Site editor at moneysupermarket.com, Clare Francis, commented: “After months in the cold and dark, spring is just round the corner and what better time to take charge of the family’s finances by checking to see that you’re making the most of your financial products.  There are some really easy savings to be made, just by spending half an hour reviewing where you’re at financially.  It’s easy to be complacent but some rates on products change quite regularly so literally, it really does pay to be vigilant.”

When it comes to mortgages, the comparison site has identified that many standard variable rates have increased whilst rates for new borrowers have fallen.  Furthermore, mortgage availability and loan to value ratios have reportedly risen.  With the Base Rate currently at its lowest level, it has been suggested that longer term fixed rate mortgages could be considered.  Additionally, homeowners with a significant level of savings could also consider an offset mortgage as a means of maximising capital according to moneysupermarket.com.

With regard to credit cards, it was recently found that one in five people carry over three credit cards, with 17 percent of credit card holders making at least one daily purchase on plastic.  The research also uncovered that some ‘savvy’ consumers aim to get the most from their credit cards.  For example, 25 percent reportedly utilise their credit card to gain reward points whilst 11 percent do so for cashback and zero percent purchases.  However, moneysupermarket.com has pointed out that many consumers are yet to take complete advantage of credit card benefits.

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Homeowners who would like to spring clean their finances could consider taking out a secured loan to tie up any existing debts, such as credit cards.  One of many finance options available, a secured loan for consolidation could allow borrowers to eliminate multiple monthly debt repayments – replacing them all with just one.  This single, manageable monthly repayment could even be lower than the sum of current outgoings.   However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to the Land Registry’s House Price Index, the January data shows a 5.2 percent change in property prices on an annual basis.  This reportedly marks the second consecutive month of positive figures, and has taken the average house price in England and Wales to £165,088.  A rise of 2.1 percent was recorded between December and January.

Findings have shown that average property prices in seven regions of England and Wales have increased during the last 12 months, with London experiencing the greatest rise at 10.5 percent.  In contrast, the most significant annual price decrease was found in the North East at minus 3.4 percent.

In monthly terms, it was revealed that the greatest house price rise was in London at 3.9 percent, whereas the North East experienced the greatest price fall at minus 1.3 percent. 

With regard to completed house sales in England and Wales, findings show a 54 percent rise in November 2009, which took the number from 36,091 in November 2008 to 55,715.

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Homeowners who have recently moved into a new property, but do not have the funds required to put their personal stamp on it, could consider taking out a secured loan to fund any desired projects.  One of many finance options available, a secured loan for home improvements could allow borrowers to completely re-decorate and re-furbish their new home to suit their personal tastes and lifestyles.  Furthermore, borrowers who enjoy spending time outdoors could even consider having their new garden landscaped if necessary, in preparation for the forthcoming summer months.

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According to moneysupermarket.com, 10 percent of British adults are ‘permanently in their overdraft’ whilst 12 percent go into their overdraft a minimum of five times per year.  Furthermore, the comparison website’s research has shown that 38 percent of bank customers have utilised their overdraft facility during the last year.  These figures reportedly ‘demonstrate an improvement’ compared to 12 months ago when they stood at 17 percent, 15 percent and 52 percent respectively.

Head of banking at moneysupermarket.com, Kevin Mountford, commented: “Whilst it is encouraging to see less and less people reliant on their overdrafts, we should be concerned that there are still such a large number of people permanently overdrawn.  With rising inflation, it is going to be difficult for many to break the habit of living in the red, and it may be that more people will fall back into this position as living costs increase.”

“The charges attached to overdrafts have been at the forefront of the news agenda over the last couple of years, with the courts eventually deciding the banks can penalise those who go overdrawn in whatever way they choose, without interruption from the Office of Fair Trading (OFT).  The dangers of being overly, or entirely, reliant on your overdraft are clear; firstly this can be an extremely expensive debt to carry if it hasn’t been agreed with your bank in advance, and secondly your bank can reduce the size of your overdraft with little warning.

“Consumers should always consider the ways in which they use their current account, and make sure they have the right product to match.  For example if you dip into your overdraft on a regular basis, your main concern should be minimising the costs of going overdrawn; but if you’re never overdrawn you might want to look for other benefits, such as charges for use abroad or in credit interest rates.”

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Homeowners who would like to re-organise their finances – particularly any existing credit – could consider taking out a secured loan for consolidation.  One of many finance options available, a secured loan could be used to tie up borrowings such as credit cards, store cards and personal loans into one manageable monthly repayment.  In taking this approach borrowers could be left with a single monthly repayment that is lower than the sum of existing outgoings.  However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to Nationwide, there was a dip in personal savings during the lead up to Christmas.  It was found that consumers no longer regarded saving money as being as important as they did in previous months.  Nationwide believes that possible reasons for this change of heart are likely to include Christmas shopping, and the fact that the VAT increase was imminent at the time.

It has been reported that just 45 percent of consumers are making regular savings, which is 4 percent less that the previous month.Furthermore, findings show that 25 percent of consumers are failing to save any money at all, which is 1 percent more than the month before.

Head of savings at Nationwide, Andy Hutchinson, commented: “December is clearly a busier month for retailers, so there is no surprise that the importance of saving decreased in the run-up to Christmas.  It is possible that this was also exacerbated by the fact that December 2009 was the last month before VAT increased back up to 17.5% from 15%, encouraging some customers to make those bigger purchases before the New Year.”

“Discouragingly, the number of those who are saving regularly is at its lowest point since the Index began in May 2008.  On the other hand, this could be because of seasonal fluctuations – as mentioned earlier – and we mustn’t forget that the Base Rate is lower now than it was 12 months ago.  Nevertheless, it’s still worrying that a quarter of us are not saving any money at all.”

“We know that December can be an expensive month for families, so I would encourage them to get back into a savings habit as quickly as possible in January 2010.”

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Homeowners who may have had to rely on credit cards to fund the festive period could consider tying these debts up with a secured loan.  One of many finance options available, a secured loan for debt consolidation could allow the borrower to reduce multiple monthly repayments down to just one.  What’s more, the new single monthly repayment could even be lower than the sum of current outgoings. This money could potentially be set aside in a savings account for future use.  However, when taking out a secured loan for debt consolidation, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to research conducted for Pay Pal, 41 percent of city dwellers surveyed have been shopping online to a greater extent during the past 12 months – irrespective of the fact that shops are within easy access. The reasons for this were found to include ‘quicker, more reliable delivery services’ for 16 percent, and ‘greater choice’ for 12 percent.

In terms of the geographic divide, the research revealed that British cities that have experienced considerable closures on the high street have seen the greatest switch to online shopping during the course of the past year.  These cities were found to include Glasgow where 6 in 10 adults have increased their reliance on online shopping in the past 12 months, and Greater Manchester where half of adults have done so.  In contrast to these statistics, the national city average is reported to be 4 in 10 adults.  The research showed that shoppers in London, Cardiff and Bristol have also conducted an increased level of shopping online during the past year.

Managing Director of PayPal UK, Carl Scheible, commented: “High streets across Britain have been hit by the recession; and many local shops in large cities have closed down.  Shoppers have, as a result, increasingly turned to the internet where retailers offer a wider range of goods often at a better price as they no longer have the same costs as high street stores.  

“Almost half of adults living in busy city centres now shop online more than a year ago, a trend which looks set to continue, especially as we love the convenience of having our shopping brought to our door, rather than having to carry heavy bags through Christmas crowds.”

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Homeowners who have built up their credit card balances due to online shopping or other expenditure, could consider taking out a secured loan to tie these debts up into one place.  One of many finance options available, a secured loan for debt consolidation could allow the borrower to reduce multiple monthly repayments down to just one.  The new, monthly, secured loan repayment could even be lower than the sum of current outgoings.  However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to an estimate by Sainsbury’s Finance, the annual cost of running a car has risen by approximately 2.68 percent since last year.  The Bank’s calculations show that the average annual running cost now stands at £2,338, not including any interest repayments on car loans.  In contrast, the estimated figure stood at £2,277 in 2008 and £2,100 in 2007.

However, the greatest price increase is reportedly car insurance, which has risen by virtually 13 percent since 2008 and by 23 percent since 2007.  The second most significant price increase is reportedly tax, which has risen by 8 percent in the past 12 months and by 22 percent during the past 24 months.

Further annual cost comparisons revealed that fuel prices are now a little lower than they were in October of last year, but higher than they were in 2007.  It was found that fuel sets the average car owner back approximately £1,266 per annum.  Other costs to have fallen slightly during the past 12 months are servicing costs, which have decreased as a result of the deflationary effects of the recession.

Sainsbury’s Car Insurance Manager, Ben Tyte, commented: “While certain costs of running a car have fallen during the past year, compared to 2007, the cost of motoring has still increased fairly significantly with road taxes and insurance premiums both on the rise.  The cost of driving a car can be kept better in check by shopping around, particularly for car insurance and servicing.”

Sainsbury’s Finance has suggested that motorists could also save money by thinking about the price that they are willing to go up to for their car.  Research has shown that 117,000 prospective car buyers between February and July 2009 were not intending to barter over the price.  An additional 304,000 individuals admitted that they were only set to barter ‘slightly’ despite the potential for a discount.

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Homeowners who have found their costs increasing, and who have multiple credit and store cards, could consider taking out a secured loan to consolidate these into one place. A secured loan for debt consolidation could leave the borrower with just one monthly repayment as opposed to juggling several existing commitments.  This new monthly sum could even be lower than current outgoings.  However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to new research by Confused.com, 77 percent of those in their early 50’s are not concerned about the possibility of having their credit card applications turned down.  Their confidence is so great in fact, that 83 percent of individuals within this group have not checked their credit score for at least 12 months.

In contrast, it was found that 34 percent of those in their early 20’s are either refused credit immediately or following a referral.  Confused.com points out that this could be the reason why virtually half of individuals in their early 20s do not submit credit card applications for fear of refusal or a ‘black mark’ against their name.

Head of credit cards at Confused.com, Joanne Garcia, commented: “Our research highlights the different spending habits between age groups.  Approaches and attitudes differ, however the recognition in clearing credit balances must remain consistent.  Those with existing balances should make every effort to clear them as soon as possible.  Ignoring the debt, resulting in closure of an account by the credit card company is not advisable.  This will have an adverse affect on a person’s credit rating that will remain with them for a long time, creating difficulties for a range of things in the future.”

The research revealed that one in three individuals between 46 and 50 years of age do not maintain regular repayments on outstanding credit card balances.  Consequently, Confused.com is urging those within this category to find a solution.

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Homeowners who have accumulated several credit cards in the past could consider tying these up with a secured loan for debt consolidation.  One of many finance options available, a secured loan for debt consolidation could leave the borrower with just one monthly repayment as opposed to juggling several.  Furthermore, this single monthly repayment could even be lower than current outgoings – thus freeing up useful money each month.  However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to Abbey Mortgages, individuals who are renting their homes would be better off getting on the property ladder.  However, this does not apply to those intending to buy their first home in the city of London.

This conclusion was reached by Abbey Mortgages following their research, which revealed that the 1.61 million Brits who are intending to buy a property outside London would each save £624 by doing so.  This equates to £1 billion during the course of the next 12 months.  The average cost of rent for these individuals is reported to be £434 per month; however their average mortgage bill would be £382 per month if they had a 25 percent deposit.

With regard to the 187,000 individuals looking to buy a property in London, it was found that their finances would be adversely affected by making this move.  In fact, they would lose out on £466.19 each month.

The research showed that Welsh first time buyers are likely to make the most significant monthly saving at £90.91, followed by North West inhabitants at £87.43, and those living in Yorkshire at £77.06.  In contrast, it is reported that first time buyers residing in East Anglia will only save £2.59 per month.

In relation to the nationwide price of a typical first time buyer flat or terraced house, the research revealed that the average value has fallen by 9 percent to £92,861.  As a result, a first time buyer will now require an average deposit to the sum of £23,215 if they want to put down 25 percent.

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Homeowners who have just moved into their first property, but do not have the funds available to put their personal stamp on it, could consider taking out a home improvement loan to facilitate any desired work.  A home improvement loan could finance a range of projects from general re-decoration to structural changes.  Additional living space could be created by means of an extension or attic conversion for example. 

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According to Abbey Savings, Brits have accessed £11 billion worth of ISA savings over the course of the past year.  Findings revealed that over 7 million savers have dipped into their ISA accounts in the past 12 months, to make an average withdrawal of £1,573.  In contrast, this figure stood at £579 a year earlier, thus marking a rise of 171 percent.

With regard to the reasons behind the withdrawals, it would seem that living expenses have been the driving force for 39 percent.  Luxury purchases and high street purchases have reportedly dropped since last year – from 26 percent to 22 percent and from 8 percent to 5 percent, respectively.  Furthermore, 13 percent have had to rely upon their savings as a result of redundancy or lower income, and 19 percent have had to turn to their savings to finance unforeseen expenses.

The research also revealed that parents with young children have been utilising their savings more so than the majority.  In fact, their withdrawals were recorded at £4,015 over the past 12 months, with living expenses being the main cause for 58 percent.

Director of Savings and Investments at Abbey, Reza Attar-Zadeh, said: “The sharp increase in the amount that people are withdrawing shows that many of us may have needed our savings to make ends meet, and just goes to highlight the importance of having savings to fall back on. 

“There’s no denying it’s been a tough year so it’s understandable that people have turned to their savings in these trying times.  It’s vital that we all keep some money aside in the event of an emergency but raiding your ISA account can prove costly in the long term as what you take out you can’t replace”.

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Homeowners whose finances have become tight amid the recession, and who have several credit and store cards they would like to consolidate, may wish to consider taking out a secured loan to do so.  One of many finance options available, a secured loan for debt consolidation could be used to re-organise existing debts by tying them up into one place.  In taking this approach, multiple monthly repayments will be placed into one.  Additionally, the new, single, monthly repayment could even be lower than current outgoings.  However, when considering a secured loan for debt consolidation, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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According to the Office for National Statistics, the number of working-age people in workless households between April and June 2009 stood at 4.8 million. This marked a 500,000 rise from 12 months earlier. Additionally, the number of children living in households where no job is held has increased by 170,000 to 1.9 million.

The percentage of households in which no adults are employed was found to have increased to 16.9 percent from 15.8 percent the year before. This represents the greatest percentage since 1999 and the most significant year-on-year rise since 1997, which was when comparable estimates became available.

In terms of the quantity of workless households, the figure was revealed as being 3.30 million, which equates to 240,000 more than the previous year. In contrast, the quantity of working households was revealed as being 10.7 million, which equates to a reduction of 410,000 from the previous year.

With regard to workless households, this rate was established as being the highest for single parent households at 40.4 percent, with one person households coming in second place at 30.1 percent.

From a geographic perspective, the workless household rate in the North East was discovered to be the highest at 23.2 percent, with the lowest in the East of England at 12.2 percent.

Homeowners who have experienced a period of unemployment in the past, but are now back on track and looking to re-organise their finances, could consider taking out a secured loan to consolidate any existing debts. One of many finance options available, a secured loan for debt consolidation could be used to tie up previous borrowing into one place. For example, multiple monthly credit cards bills could be replaced with a single monthly repayment, which could even be lower than current outgoings. However, when taking out a debt consolidation loan, it must be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.

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