Some recent research has shown young brits are most likely to be scared of interest rate rises than any other financial aspect. ICA carried out some studies on behalf of IF showed around 40% of 18-24 year old britons are worried about rises in interest rates and another 10% are very worried about debt management pressures.
Interest rates are currently at 5.75% and are set to rise as the BoE attempts to slow inflation and cut borrowing.
Woolwich have announced a 10 year mortgage.
I think this is a scary idea, I cant imagine trying to pay off a full mortgage in 10 years.
Unless you were earning a large wage and living in a box, how can any one manage?
I looked into a mortage recently and cannot look into doing less than 25 years hard time.
I was quite interested to read how Google has bought some of a Chinese social media site. However, the figures weren’t about revealed how much.
The president of Google China, Kai-Fu Lee said that Google intend to buy one or two China-focused internet businesses over the next 5 to 12 months.
Google’s target, Tianya.cn, offers a variety of services including user blogs, classified advertising, photo hosting, news, sports news and university information. The site is ranked as the 63rd most popular website in China with over 20m users.
Google recently won approval from the China government to provide internet content to the country.
Property prices could fall by up to six% over the next two years, lowering the value of secured home loans.
The Northern Rock and US sub prime crisis are said to be some of the major driving factors behind this.
Homeowners are being advised to take out home loans now before any house prices fall.
I read today that the bank of england has indicated that interest rates will have to reach 6% if they are to keep control on inflation over the next 2 years.
Luckily I don’t have a mortgage to worry about but I wouldn’t like to be one of the many coming of fixed rate mortgages as the jump could be huge!
If you want to read the full article you can read it here