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Alliance & Leicester has announced a new range or mortgages. The selection features a highly competitive two-year fixed rate home loan at 4.64 per cent (5.6 per cent APR) until August 2007, then 0.75 per cent above the Bank of England base rate thereafter. In addition, those looking to remortgage their property will be interested in the two year base tracker mortgage, currently standing at 5.29 per cent (5.8 per cent APR), and then at the Bank of England base rate plus 0.95 per cent thereafter. Director of mortgages at Alliance & Leicester, Stephen Leonard, said: “Our range includes deals for those people looking to buy or move home, as well as for those who simply want to take advantage of competitive rates by remortgaging.”

People are taking longer than ever to save-up enough money for a deposit on their first home, new figures show. The average amount of time it takes a first-time buyer to amass enough money for a five per cent deposit is now four years and nine months, National Savings and Investments revealed today. Dax Harkins, senior savings strategist at National Savings and Investments, commented: “Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year, which means potential first-time buyers need to start saving sooner and harder to get into the market.”National savings found that things were worst for first-time buyers in East Anglia, where saving for a deposit on a first home now takes a record five years.

And even residents of Scotland - the least affected region - now face a seven per cent increase in the time it takes to build up a deposit - from three-and-a-half years six months ago, to three years and nine months now.

ANZ is likely to become the second major bank to increase variable mortgage rates without being prompted by the Reserve Bank, sweeping more borrowers up in the global credit meltdown. A day after National Australia Bank lifted its variable mortgage rate to a decade-long high without waiting for official prompting, ANZ announced late yesterday it would raise fixed-rate mortgages by 0.25 percentage points from Monday to 8.54 per cent, just under the standard variable mortgage rate of 8.55 per cent.

The bank will have to increase variable mortgage rates by just as much or more so that borrowers have a reason to lock in a fixed rate. But there may be some good news for borrowers, with economists saying bank rate rises could decrease the chance of another Reserve rate rise next month - which would be the fourth in just over 12 months.”I think it is still up in the air and we would be still calling an interest rate hike in February,” a CommSec economist, Martin Arnold, said.”But I think the RBA is less likely to raise. It also depends on the extent to which other banks follow suit.”Financial markets put the chance of a rate rise in February at one in three yesterday, from one in two the day before.

The Treasurer, Wayne Swan, repeated his call for banks to consider the impact on families of more rate increases.”I would still ask them to be extremely mindful of the impact of those decisions on average Australian households with mortgages and, of course, business,” Mr Swan told ABC radio’s AM program. The Reserve is under pressure to clamp down on inflation which, on an “underlying” measure, is testing its 3 per cent limit. A gauge of the services sector released yesterday showed consumer spending remained strong, adding to inflationary pressure.

The no-worries lending that inflated the housing bubble is resulting in a flood of soured option-ARM loans, adjustable-rate mortgages that allow borrowers to pay so little every month that their loan balances rise rather than fall, sometimes sharply. Numbers from industry trackers suggest that these borrowers — most of whom boast respectable and often top-tier credit scores and appear to have substantial incomes and home equity — are starting to create a second tide of defaults for lenders swamped by the meltdown in sub-prime loans made to people with bad credit or overstretched finances.

Option ARM delinquencies are at double-digit levels in many areas of California, including the Inland Empire. Calabasas-based Countrywide Financial Corp., the top option ARM lender, will be hit hard. Already reeling from the sub-prime mess, Countrywide was rescued from possible bankruptcy last week by Bank of America Corp., which agreed to acquire it for about $4 billion. The option ARM trouble stems from the loose lending practices that inundated the sub-prime business. Loans often were granted on the basis of stated income, not proof of a borrower’s income, giving rise to their nickname, “liar’s loans.”"This is not a sub-prime crisis. This is a stated income crisis,” said Robert Simpson, chief executive of Investors Mortgage Asset Recovery Co. in Irvine, which works with lenders, insurers and investors to recover losses related to mortgage fraud.

Option ARMs present borrowers with a choice every month: pay the interest due and some of the principal; pay interest only, leaving the loan balance untouched; or pay less than the interest due, making the loan balance rise. After a specified time, typically five years, the options disappear and regular payment obligations kick in, often at a level two or more times the initial minimum. This jolt can occur after only three years if the borrower has been making the lowest payments and the balance rises high enough.

Europe’s bank loan market is stuck with 80 billion euros ($118 billion) of unsold loans from 2007, and bankers in the once-booming sector face tough choices as they try to clear the backlog.The credit crunch has made the business of syndicated lending, where banks group together to sell on loans to outside investors, much tougher, and is likely to lead to job cuts in bank syndication teams and investment houses.Companies across Europe, the Middle East and Africa (EMEA), from blue-chip names with high credit ratings to emerging markets borrowers, face steeper borrowing costs.

“Can I get regular FM on an HD radio?” “Why do I need to get a new radio? I already have very good radios.” When Vermont Public Radio made the decision to begin broadcasting in HD, we sensed that it would probably be up to us to promote the new technology to our listeners and — more importantly in Vermont, which is not anywhere near the top 100 markets — to our local electronic retailers.

But VPR is accustomed to initial opposition to new ideas. When our first transmitter was put on the air more than 30 years ago the founders heard things like, “Are you just going to be broadcasting to cows?” or “What makes you think that you’ll ever find support for public radio in Vermont?” Today with a network of eight full-time transmitters and several translators across the state, Web streaming and local support, VPR is a strong and viable statewide network, providing two distinct program services to most of the state.

A new loan company launched this week promises to offer an alternative to high street banks. But it is really a high street banking giant disguised by a new name. And if you take up its offer, you could end up losing your home. Fair & Square claims it “has been launched in response to customers looking for an alternative as banks increase fees”. But it is owned by Barclays Bank. Worse, it’s flogging secured loans - which carry the risk you could lose your home if you get in financial difficulty. The lender says it is offering low rate. At a typical 6.9 per cent, it certainly seems competitive. But anyone taking out a secured loan needs their head examined. Especially as there are unsecured deals - which carry no risk of losing your home - at cheaper rates.

For example, Moneyback Bank - itself a front for the Alliance & Leicester - charges a typical rate of just 6.7 per cent. Julia Harris, of Moneyfacts, says: “With more competitive rates on unsecured personal loans and lower rates on mortgages, it is difficult to see who will get a good deal from a secured loan.” Indeed, Barclays currently advertises its own unsecured loans at 7.4 per cent, promising “if you find a better deal elsewhere, we’ll pay you the difference”.

The soaring cost of personal loans means it is actually cheaper to put your debt on a credit card and pay it off over the same period - with no switching necessary.
It’s a bizarre market anomaly that personal loan rates have increased by around 2% on average in recent months, yet the best credit card deals remain largely unchanged. Whatever the reason, it highlights the need to start changing the way we lend money.

Your Personal Loan and MoneyBack Bank are generally regarded as the two cheapest providers of personal loans, offering rates of 6.7% and 6.9% respectively. The Capital One card has a typical APR of 9.9%, but it offers 10 months interest free on balance transfers and new purchases, and it is this introductory offer that makes all the difference, as the table below shows.

Having bad credit status is like having disease and remaining helpless with no positive answers from lenders. Still there are some lenders who have managed reducing their risks and provide suitable loans to bad credit scorers. Having bad credit status is like having disease and remaining helpless with no positive answers from lenders. Defective credit score was the main reason behind people’s loan requests to be rejected. Even if they manage to get an advanced personal loan, they end up paying excessively high interest monthly installments.

This is because lenders do not take account of the previous good credit status of borrowers due to their present imperfect payment records. They forgot people at present tarnished with poor credit history once owned good credit history. So is it then really so difficult for these bad credit scorer to take a bad credit loan, bad credit mortgage or a bad credit car loan? Negative answer to this question brings good news for owners of bad credit status.

Bank officers will be sent out to gauge the ability of applicants to repay their loans under a financing scheme which will allow hawkers and fishermen to purchase their own homes despite not having a payslip. Second Finance Minister Tan Sri Nor Mohamed Yakcop said these officers would go and monitor the hawker stalls, farms or the fishing ports where these applicants work to gauge the turnover. “This way, we are confident that we will be able to know their creditworthiness.

We believe that we are not taking any unnecessary risk with the bank loans although they will not be required to name any guarantor. “We are not giving out loans to those who are undeserving of the money. We are giving loans to those who are creditworthy, but have no way of proving it by showing an official payslip. “It will not be like the subprime crisis in the United States where loans were given to those with no creditworthiness at all at very high interest rates,” he told reporters Tuesday after witnessing the signing of an agreement between Bank Islam and Bank Simpanan Nasional with Syarikat Jaminan Kredit Perumahan Bhd (SJKP) here.

Nor Mohamed was responding to a question on whether the scheme, which was announced in the Budget last year, would lead to a crisis similar to that currently afflicting the US economy. The scheme is guaranteed by a RM50mil fund to be managed by SJKP, which is a government-owned company. The company will use this fund to compensate banks in case of any loan default by the applicants. The loan - at a maximum amount of RM60,000 - has a repayment period of 40 years and applicants must be aged between 18 and 60 years.