Inflation index 'has cheated us for years': Annual increase in bills has been linked to inaccurate figures ONS admitted its Retail Prices Index measure was 'inadequate'RPI dictates how much Britons' household bills go up each yearThe measure has been swapped for the 'improved' RPIJ, said ONS .
Private school offers mortgage-style repayment scheme to cover 9,000-a-year day pupil fees Fernhill School in Glasgow is offering parents chance to spread fees over ten years, interest freePayment plan could reduce monthly payments by up to 50 per cent /13 – with the highest fees topping 21,000. The increases put pressure on parents – particularly those for whom private education is at the limits of affordability.
Brits have paid off half their personal loans since the financial crisis, with debts at their lowest since 1999 ” class=”blkBorder” /> Counting the pennies: Cautious consumers chose to pay off more than they borrowed in 2012 Cautious households are making considerable headway clearing their debts, with the amount owed on personal loans dropping to its lowest level in 14 years, according to a report.
Homeowners stung as mortgages rates hit four-year high despite Bank of England base rate remaining at historic low By Becky Barrow PUBLISHED: 00:13 GMT, 19 January 2013 | UPDATED: 09:53 GMT, 19 January 2013 Mortgage worries: Homeowners are having to face rising costs Homeowners are being stung by the highest variable mortgage rates for nearly four years despite the Bank of England keeping the base rate at an historic low. Official figures show the average standard variable rate mortgage deal, known as the SVR, from a bank or building society charges an interest rate of 4.35 per cent.
Families put big spending on hold to pay off their mortgages as debt falls by 8bn in three months Homeowners paid off more than they borrowed in the third quarter of 2012It was the 18th quarter in a row that mortgage debt has fallen . It was the 18th quarter in a row that mortgage debt has fallen, and families have now ploughed 137.5billion of equity into their homes since early 2008. The injection of equity – which increases the proportion that households own against the proportion that is mortgaged – is in stark contrast to the borrowing binge of the decade before the financial crisis struck
Sorry ladies… but men are better with the family finances! Women are less confident at sticking to budget | UPDATED: 00:19 GMT, 26 December 2012 Household budgets: Women admit to being less disciplined More women have sole charge of the household finances – despite being less confident than men at sticking to budgets, a survey has revealed.
House prices across the country ‘will rise in 2013 thanks to increased mortgage competition and shortage of homes’Average rise of 2 per cent in asking prices predicted in 2013Rise expected despite biggest fall in ten years this monthBut number of new sellers expected to be same as last three years | UPDATED: 00:05 GMT, 17 December 2012 Increase: The average rise next year is expected due to more competition among lenders and a shortage of homes, although big falls are expected over Christmas The beleaguered housing market is set to bounce back next year across England and Wales, according to research. A report by property search website Rightmove predicts an average rise of 2 per cent in sellers’ asking prices in 2013, thanks to increased competition among mortgage lenders and a continued shortage of homes
New Bank of England boss hints he will tear up rule book to get the economy movingCanadian Mark Carney suggests inflation target could be ditched to focus on unemploymentGood news for mortgage holders as new Bank governor hints at low rates for years to comeHe will replace Sir Mervyn King in June next year | UPDATED: 13:48 GMT, 12 December 2012 Mark Carney, the new Bank of England governor, said it might be necessary to abandon the inflation target to prioritise growth The Canadian who will take over the Bank of England has suggested he will be more aggressive in trying to get the British economy moving. Mark Carney hinted that he thought boosting growth is more important than keeping inflation under control.
Cash-rich banks still won’t lend to families and firms despite borrowing 4.4billion from Bank of EnglandFigures are first insight into success of Government's lending schemeScheme lets banks borrow for 0.25 per cent as long as they maintain lendingMust use money to lend to the 'real' economy such as small firms | UPDATED: 02:02 GMT, 4 December 2012 The figures are the first insight into the success of the Government and the Bank’s much-hyped ‘Funding for Lending’ scheme, aimed at solving Britain’s lending crisis. One expert yesterday joked the name was ‘unintentionally ironic’ because there is ‘precious little lending going on.’ Under the scheme, banks and building societies can borrow an unlimited amount of money for as little as 0.25 per cent as long as they maintain, or increase, their lending. They must use the money to lend to the real economy, such as small firms and homeowners or first-time buyers who need a mortgage
Council benefits adviser recruited his OWN mother to cheat taxpayer of 30,000 – using insider knowledge of welfare system Mother and son team lied while they lived together in house owned by him Basildon Crown Court sentenced them to 150 hours of unpaid work | UPDATED: 16:03 GMT, 30 November 2012 Cheat: Havering Council worker, Cheema, 23, abused his position to fraudulently claim benefits A crooked benefits adviser teamed up with his mother to cheat the council where he worked out of 30,000 in housing and council tax benefits, using insider knowledge of the welfare system. Havering Council worker Manjit Singh Cheema, 23, and his mother Balbir Kaur, 46, both of Romford, Essex, were spared jail after admitting fraud by abuse of position