Property Rescue Blog

Mortgage lending dropped significantly in January of this year. While it is normal to show a drop in sales during the month of January each year, this year’s drop stands out as particularly pronounced.

In these tough economic times, a growing number of people are taking part-time jobs as a temporary fix to assist in making ends meet each month.

It will likely come as no surprise that long time unemployment figures, which includes those who have been out of work for at least one year, are now the highest they have been since 1997.

The Financial Services Authority (FSA) has proposed new plans pertaining to mortgages, which may particularly affect some self-employed borrowers.

A survey has revealed that in the past 12 months, more than 10 million people were overdrawn, with 2.1 million of those people never coming out of their overdraft.

Interestingly, Britons believe that their average monthly household outgoings are approximately £892, when in reality they are spending an average of £486 more than that, for total average monthly household outgoings of £1,378.

Individual borrowing is increasing in the UK, undoubtedly in part from the effects of the economic crisis making it more difficult to make ends meet each month.

According to experts, the average UK household will have to spend a full 15% of their net income just to cover the interest payments on their personal debt.

As the economic crisis continues, increasing numbers of households are resorting to borrowing money on their credit cards to pay their mortgages or rent. In 2009, millions of renters and homeowners, totaling 6% of UK households, used this method of payment.

Average consumer debt and household debt in the UK continues to increase.