Interest-only mortgages – a million are facing future problems with no way to repay their loan
With fresh fears emerging that almost a million people are sleep-walking into financial disaster because they have interest-only mortgages and no way to pay them off, why has the number of lenders offering them almost doubled in the past two years?
Does that mean anyone thinking about taking an interest-only deal now is simply heading for trouble?
Find out here.
Current account battle – you can get £150 for switching accounts, but should you?
A new battle in the current account market is seeing high street banks trying to outdo each other. Halifax has raised its cash bribe to new customers from £100 to £125, but you’l l have to close your old account elsewhere. First Direct has increased its handout from £125 to £150 to anyone who switches through Moneysupermarket.
Meanwhile TSB has launched an account paying 5 per cent on credit balances plus cashback. But anyone who switches because of the gimmick could make a costly mistake. Instead find an account that is best value for you, whether you run an overdraft or have credit interest.
Problem debt troubles soar – now 3.2m people spend a quarter of their income repaying credit
The number of households with problem debt has soared 28 per cent in the last three years leaving 3.2million struggling, compared to just 2.5million in 2012.
A new report published today by the TUC and Unison sends out a warning that the economic recovery is not yet reaching vulnerable people.
‘Britain In The Red’ reveals that 700,000 more households have falling into problem debt since 2012 leaving them forced to spend a quarter of their monthly gross income repaying credit cards, loans and overdrafts. And the hardest hit have been young people, the self-employed and low-income families.
Full story here.
Deal of the week – free rugby tickets
Didn’t get tickets for the Rugby World Cup? You can still watch top-quality rugby in and around London when the 2015-16 Aviva Premiership rugby union season kicks off next month – and there are loads of free tickets up for grabs.
Aviva has teamed up with Premiership Rugby to give new fans the chance to go to their first-ever live match, by giving away tickets to games at all 12 clubs, including London-based sides Harlequins (who play at Twickenham Stoop) and Saracens (who play in Hendon).
There’s also London Irish, who play in Reading. The season kicks off on Friday 16 October and you can apply for tickets for the match of your choice before then at bit.ly/1JQjavJ. You’ll be told if you’ve been successful at least a week before your chosen fixture.
More deals and bargains here.Reuse content