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Despite economic conditions being very much in conflict with the home loans market, a large number of FTB’s are still willing to take it on the chin and get a loan.

Many thousands of homeowners within the UK are believed to be in “hot water” as the credit crunch’s ever tightening grip makes certain home loan plans (amongst other things) increasingly difficult to manage. However, today’s FTB market appears to be little deterred by the stats, with recent studies suggesting that more than half will continue to pursue a home loan over the coming months.

The general consensus shows that individuals classed within the 20 – 35 year old buying demographic consider ownership of a home to be of paramount importance. As such, home loan shoppers are happy to step outside of their affordability comfort zone, but will still set out and conform to certain repayment boundaries.

Commenting on the findings, one expert stated that today’s FTB’s needed to apply extreme caution towards the type of loan that they apply for, and to also ensure that they do not overstep the (repayment) mark by to much of a degree. Market conditions are extremely volatile at the moment, and it would be prudent to seek professional advice prior to sourcing a home loan.

Recent reports indicate that British consumers are having an increasingly tough time sourcing a competitively priced loan to consolidate their debts.

According to a leading financial advice firm, a national withdrawal of low interest personal loan plans spurred by the ongoing effects of the credit squeeze is forcing large numbers of consumers to seek alternative credit management solutions.

It is thought that some 60% of indebted Brits are now pursuing the help of debt management and IVA companies as cheap loan borrowing options become all the more difficult to attain. 

Additionally, homeowners are also having a tough time in convincing their mortgage providers to extend the term of their home loan to encompass their unsecured debts, whilst a spate of secured loan providers have drastically raised the bar with regards to LTV acceptability.

Viewed as an industry whole, access to cheap rate credit has effectively disappeared for the majority of borrowers within the country and whilst its departure is certainly not permanent, it is unlikely for low cost credit to make a return any time soon. Consumers, who do feel as though their options have depleted and have nowhere else to turn, are advised to seek advice from their local CAB.

The MPC is expected to drop the national rate of interest to 5% as an outcome of its forthcoming April meeting.

According to one of the UK’s most revered financial analysts, the current state of the UK’s economy will leave the BOE with little other alternative than to reduce interest rates by a further quarter point in the next few weeks.

Increasingly hostile conditions are playing havoc with the financial markets, which is in turn causing the British public to holster their spending output. A further reduction in the national rate of interest will help to reinstall consumer faith in the economy, which will hopefully reinvigorate gross spending levels.

In addition, a further interest rate drop will also account towards helping many thousands of struggling homeowners, whose home loan repayments are tied to base rate performance.

One expert commented that in his opinion, there was little chance of the MPC not readjusting the base rate in the favour of fuelling an economical boost, although it is also possible that rates will remain unchanged.

British homeowners, who are planning to renovate or modify their home through use of the employment of a third party, have been advised to do their homework first before committing to any works.

A recent survey conducted by a niche builder and construction firm review portal has recently announced that UK homeowners should be extremely cautious if choosing to have building works carried out by “skilled” professionals.

Accordingly, more than 3 million people within the UK, who have had building works completed by an independent party, have stated that they were less than satisfied with the final result.

The site suggests that any person who chooses to employ the services of a professional builder or craftsperson should obtain as many references as possible before proceeding, as in some cases, poorly carried out work can reduce the value of a person’s home by a substantial margin.

A spokesperson for the site commented that in response to the current uncertainty affecting the future of the housing market, vast numbers of would-be movers are now staying put, opting instead, to improve the quality of their existing home. It is in light of this trend that homeowners are urged to be especially vigilant in their choice of building firm, as they may hinder their future moving prospects.

The site goes on to mention that some 20% of homeowners use loans and mortgage extensions to finance their prospective projects.

British residents, who are actively involved in the courting process, are devoting a sizeable amount of money on pleasing their would-be partners.

According to a recent study by a leading personal savings and investment firm, British males would expect to spend a minimum of £60 on their first official outing with a new partner, whereas women would expect to spend at least £40.

Approximately 75% of males admit to drastically exceeding their proposed budget when taking a female out to dinner, with an additional 25% using loans and other forms of credit to foot the evening’s bill.

Surprisingly, around 25% of all males suggest that they accept and would be happy to overstretch themselves financially, so long as their date was pleased with the evening and that the overall outcome would lead to securing a second meet.

A spokesperson for the firm responsible for compiling the study commented that today’s courting rituals demand a lot more from the host of the date, than just a sparkling personality. Ultimately, making a great first impression will often mean splashing out on fancy restaurants, gifts and above par after meal entertainment.

On the flip side, date hosts (typically men) need to be aware of the financial implications of their date, and to plan accordingly in order to avoid the impractical use of loans and credit to fund their big night.