| Personal finances getting 'tighter'
The succession of interest rate rises is pushing people's incomes and what they can afford, according to new figures released from the British Bankers' Association (BBA).The number of mortgage approvals dipped slightly in February, most likely after January's shock interest rate rise helped push many people to the edge of what their finances can afford.If managing your debt is proving a problem then taking a secured loan or homeowner loan could help you cut your monthly payments."[Property] demand appears to be moderating however, as the monthly number of house purchase approvals was lower than a year earlier for the third month running and net lending was below trend in February," said David Dooks, BBA director of statistics."Reflecting tighter conditions for personal disposable income, consumer credit continues to be weak," he added.Credit card lending was also weaker in February, suggesting the higher interest rates are encouraging people to move their debt onto a more affordable secured loan or homeowner loan.© Adfero Ltd .
Special offers from Bank of Valletta when purchasing a motor vehicle
Bank of Valletta has launched a number of special offers for customers that are planning to purchase a motor vehicle. The offers are applicable on BOV Personal Loans taken out for this purpose and which are approved by the bank by the end of April 2007.
Customers stand to benefit from a reduction in the interest rate payable on these loans, said Mario Gouder, Executive Head responsible for Personal Finance at Bank of Valletta. Besides, customers are also being offered added value in the form of an extended loan term up to a maximum of seven years. In this regard, we are extending the repayment term up to seven years for loans taken to purchase a new car, and up to six years for loans taken to purchase second-hand vehicles that are up to five years old. Bank of Valletta is also waiving all processing fees on these loans during this offer period, added Mr Gouder.
Cheap loans best for car finance
Britons are set to spend billions on new cars over the next six months, and cheap loans could be the best way of financing this. New figures from Sainsbury's Bank show 7.65 million people intend to buy a car between March 2007 and August this year, and 26 per cent of them plan to fund part of this purchase with a cheap loan. "Our findings estimate that of the total amount of money that will be spent on buying vehicles, around 15.8 per cent will be financed through personal loans, which equates to around £8.41 billion," said Steven Baillie, Sainsbury's Bank loans manager. "Although this represents a 33 per cent drop in the total planned for car purchase loans, it's actually more important than ever for people to shop around due to heightened competition in the market." Overall the Sainsbury's Bank survey shows 430,000 fewer people are planning to buy a car in the next six months than in the last six months, spending £16.2 billion less.
|
