Yesterday the main news was all about the fact that the UK’s obsession with borrowing seems to be at an end, or at least put very firmly on ice. The latest figures showed that for the first time since records began in 1993, debt repayments outstripped borrowing.
The Evening Standard called this an historic “Micawber Moment”, after the Dickens character in David Copperfield who “lectures on the benefits of financial prudence”.
We have Bloomberg news on in our office, as obviously we like to keep up to date with the latest financial news, (or is it because it is one of only 3 channels we can access? – you decide), but it is very informative. The other day an excited American boomed, “this is not just green shoots we are seeing here, but real flower buds now!”.
It was said with such an air of confidence that you could not help yourself but be carried away on a euphoric wave of good feeling – hell, I almost pledged my allegiance to the American flag, (though I didn’t).
Andrew Montlake, Communications Director at Coreco and ‘Mortgage Personality of the Year 2008’, gives his views — honest and no holds barred — on the latest developments within the mortgage and property markets.A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it.
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