Market Clone Finance

Number Of Mortgage Approvals In April Is Down

admin — Sun, 25 Jul 2010 14:41:46 +0000

The number of approvals for mortgage loans in April fell for the 12th consecutive month, according to new statistics from the Bank of England.

According to the month’s figures, there were 58,000 loans approved for the use of house purchase, while 52,000 loans were granted for other purposes. However, while both of these figures were down against March figures, the number of remortgaging deals increased over the April period. Although there was a net increase in total lending to individuals, the growth rate fell from 0.6 per cent in March to 0.5 per cent in April. In total, 7.3 billion pounds worth of loans were approved in April, with 6.4 billion pounds of the net total granted for secured loans deals.

The increase in net consumer credit (900 million pounds) was below the growth rate seen in March and the previous six month average. Consumer credit constitutes credit card lending and other forms of lending and advances such as student loans.

Overall, there were 5,000 fewer mortgage loan approvals than there were in March and 15,000 less than there were in January. Furthermore, while there were 98,000 successful remortgage applications March, in April that figure rose to 106,000.

Following the release of these statistics, independent financial advice service the Motley Fool has urged consumers to prepare for the 13th consecutive monthly fall in mortgage approvals. David Kuo, head of personal finance at the group, asserts that with fewer than 2,000 mortgages approved each day over the course of the month, this is the lowest approval rate seen in any month since the Bank began mapping the data in 1999.

“The drop is not unexpected given that lenders have been exploiting the Bank of England’s three interest rate cuts this year to beef up their own balance sheets. But it is, nevertheless, a wake-up call for homeowners hoping to put their properties on the market this year. In the space of a year, the housing market has turned from a strong seller’s market to a brawny buyer’s market. But with more tightening likely, the fall in monthly mortgage approvals could extend to 13 next month,” said Mr Kuo.

According to the group, property prices may drop by as much as 20 per cent over the course of the year. As such, it advises sellers to reevaluate the price of their property to avoid seeing a deal fall through at the eleventh hour.

“It means forgetting about how much your property was worth previously, but how much it may be worth tomorrow,” Mr Kuo concluded.

Meanwhile, for those who are finding it difficult to obtain a mortgage deal due to an unfavourable debt history, taking out a debt consolidation loan may prove to be of assistance in helping to get finances back on track and begin making regular repayments to improve credit ratings.

The Bank of England figures follow March statistics published earlier last month by the Council of Mortgage Lenders. According to the group, which represents 98 per cent of UK mortgage lenders, there were 46,500 home loan approvals over the course, down from 47,200 in February.

Entry Level Finance Jobs – the First Rung

hanun — Mon, 19 Jul 2010 02:04:49 +0000

Finding a job within the finance sector can be a challenging prospect for an entry level candidate because of the intense competition that exists within this job market. In fact, most employers within this sector often show employment preference to those finance candidates that possess a certain level of commercial experience. This also makes it difficult for an entry level finance candidate to take their first step on the finance career ladder. Having said this, with the aid of a specialist recruitment firm that possesses expert knowledge and experience in the area of finance recruiting, entry level candidates have an increased chance of reaching that first rung. Quanta is certainly a good example of a company, which possesses the resources and human capital required for providing effective recruitment solutions for entry level finance candidates. Since the company was incorporated in 1992, the company has been providing recruitment services to many companies within the finance sector.

Furthermore, their extensive clientele base also includes some of the world’s best known brand names. Quanta also builds and maintain close relationships with top finance management. This allows Quanta to obtain immediate visibility on new positions and it gives Quanta the ability to source those few companies which have entry level positions on offer. All this implies that with Quanta assistance, entry level candidates are almost guaranteed of a successful recruitment outcome. Regardless of whether a finance candidate is looking for an IT role within the finance sector, a banking role or either permanent or contract role, Quanta can provide them with the necessary assistance. Quanta’s team of fully trained recruitment consultants are fully dedicated to providing candidates with a customized recruitment service which meets their exact requirements.

It is also worth mentioning that Quanta has some of the most sophisticated and advanced back office tools within the industry. This gives Quanta a competitive advantage over other recruitment agencies; an advantage they can pass on to their finance candidates. Quanta is one of the few recruitment agencies which provide post-recruitment support and guidance to their candidates. The Quanta candidate care program is the embodiment of this fact. The program was designed to ensure that candidates make immediate positive impact and progress within their new roles. This is especially useful to the entry level finance candidate because the fast-paced finance work environment will certainly call for some sort of support.

Student Finance Help: Bright Career is a Few Steps Away

admin — Sat, 17 Jul 2010 02:06:21 +0000

Higher studies mean more need for funds, isn’t it? But if your parents cannot help you in that then what will you do? In fact, the best thing will be not loosing your patience and adopting the student finance help.

The economically challenged students have been helped to a great extent by it. It provides all kind of necessary help and supports to the students in almost all kind of expenses that might come in their way. Certain things like such are:

Taking admission in college

Buying books, other study materials and uniforms

Getting travel expenses and academic excursions

Medical expenses

Food and room rent

Summer projects and

Other miscellaneous costs

You can either be a property owner or a non-homeowner in order to get the secured or unsecured loans. For the secured loans being a property owner is essential. However, mostly it is the value of the collateral that decides the amount to be offered. The rate of interest in these loans is low and you will get bigger amount for supporting the educational costs. Things are not so in the unsecured loans. Here the borrower is not asked for collateral and the rate of interest is higher.

For repaying these loans you can start the repayment procedure soon as the course completes or after six month of the completion of the course. However, after getting employed too can start the repayment. During this whole period you have to regularly keep paying interest rates.

Students having bad credit records too can get the student finance help. There is no need for anyone to hesitate even if he possesses bad history. Credit records like arrears, late payment, defaults, bankruptcy, CCJs and skipping of installments; all are allowed in these loans. Education, thus, is everybody’s right.