Help in tough times for first time home buyers

In the UK we all aspire to buy property. Unlike other countries, such as France or Belgium, long term renting isn t the norm here. Most of us assume we will either buy a starter home after working for a number of years in your first job at 18, or rent after university and then buy several years after that. However, things are changing in the housing market and fewer people are able to make that first key step onto the housing ladder’s bottom rung. 27% of first time home buyers need help The government’s housing survey released in July highlighted that more and more young people are now forced to rely on parents to make the leap to property ownership. The survey indicated that 27% of first time home buyers were now reliant on the ‘bank of mum and dad’ or friends and family to make a property purchase. 20 years ago, only 21% of first time buyers had to do this. Fewer people are now in a position to buy a property alone than was the case 10 years ago and 7% more are using inherit
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Is car leasing cheaper than buying?

While the Brexit vote may recently have taken the froth off new car sales, the latest figures show that purchases of new vehicles grew strongly in the run up to the referendum on Britain’s membership of the European Union on June 23. Figures from the Society of Motor Manufacturers and Traders (SMMT) showed that the growth in car sales during the first six months of 2016 was driven by private buyers rather than companies. Traditionally, Britons have chosen to finance their car purchase through either personal lending or through one of the finance packages offered by the manufacturers. But in recent years leasing, a form of car finance already very popular in the United States, has become commonplace car leasing. Under this form of finance, motorists lease a car for two, three or even four years before handing the keys back at the end of the deal. What is the benefit of car leasing? The price to lease a vehicle is based on two things: the depreciation of the value of the car over the
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Tips on how to increase your monthly income

No matter what our financial circumstances, there are times when we could all do with increasing our monthly income. Earning a bit of extra money might be important because of a change in lifestyle, a planned wedding, a new baby, putting a son or daughter through college or because we simply want to reduce our debts. If you want to increase your monthly income, then you’re going to have to think creatively because new income streams don’t just appear out of thin air. We ve rounded up some of the best ways of bringing in more cash to give you control over your monthly budget. 1. Get a part-time job Britain is increasingly becoming a nation of part-time workers with recent figures showing that almost 8.5 million are currently working in types of employment that don’t comply with the traditional image of a nine to five job. That flexibility in the labour market means that there are more part-time jobs than ever so if you need to make more money, there has never been a better time
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How mobile apps are revolutionising the way we bank

Online banking is a pretty unstoppable force and we’ve already blogged about the challenges the banking sector faces accommodating those who don’t want to bank online. However, for everyone else it has been a fairly natural switch from telephone banking – or branch banking – to going online. Now, it seems the personal banking industry is embarking on another service revolution. Websites vs. Apps According to research from the British Bankers Association (BBA) the numbers of people using a website to access their online accounts has been falling for several years. In 2014, the figures showed customers logging in via websites 4.4 million times a day but in 2015 this dropped to 4.3 million times a day. At the same time the number of people logging in via apps has been rising. In 2014, there were 7 million app logins per day but last year this rose to 11 million per day. That’s a pretty significant increase and, alongside the drop in website logins, indicates that app banking ma
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How to make buying and maintaining a car less expensive

Buying and running a car is one of the biggest financial burdens many of us face. While a set of wheels might be a necessity, it’s also incredibly expensive. The cost of car insurance is rising, manufacturers like Renault are considering post-Brexit price hikes and fuel prices aren’t exactly cheap. However, if you want to buy, and run, a car for your home without breaking the bank to do it, there are ways to make it more manageable. Car finance More and more people now use car finance to buy, rather than making a large purchase outright. There are two main types of car finance: hire purchase and personal contract purchase. A hire purchase allows you to hire the car while you’re making payments on it – when the final payment is made the car is yours. A personal contract purchase means that you lease the car, usually for a period of 2-3 years. At that end of that time there are choices: you can either hand the vehicle back for no cost, part exchange for another, or buy the car o
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How to eat healthily on a budget

The average British household spends about 10 per cent of its income on food or almost £90 a week. That makes the weekly shop one of the biggest targets for people wanting to save money by cutting their outgoings. Even though we’re getting better at only buying what we need, waste continues to be a major problem for people wanting to save money on their weekly shop. The average UK household throws away between a quarter and a third of all perishable foodstuffs that it buys each year. However, with careful planning and by being smart when you are shopping, it’s perfectly possible to cut your grocery bills in half, dramatically reduce the amount that you throw away and still eat healthily at the same time. The best ways of eating well on a budget Stop buying ready meals. Ready meals and other highly processed foods all have an enormous effect upon both your waistline and your wallet. Many ready meals – particularly curries and Chinese dishes – contain high amounts of sugar and
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What is financial age discrimination?

Discrimination has been a hot topic in recent years. Ever since the Equality Act 2010 came into force we have all become more aware of behaviours that discriminate. While age discrimination is not new, financial age discrimination has not been explored that extensively before. This type of discrimination is essentially where financial firms discriminate against elderly customers because of their age. What is discrimination? Discrimination is treating someone differently from others because of certain characteristics that they possess. The Equality Act 2010 has defined nine ‘protected characteristics’ – if discrimination occurs on the basis of one of the following then it will be unlawful: Age Gender Race Disability Religion Pregnancy and maternity Sexual orientation Gender reassignment Marriage and civil partnership Different types of discrimination can occur. If someone with a protected characteristic is treated less favourably than others then this will be direct discriminatio
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