Credit scores can be confusing. But it's worth getting to know them better, as they could make all the difference when it comes to applying for deals such as mortgages, car loans, and even mobile phone contracts. They can also be crucial when it comes to being offered a better or worse rate on a loan. Credit report and score provider, Noddle.co.uk recently put people's financial skills to the test - and found that the majority (56%) couldn't answer correctly when asked what a credit score is. Millennials particularly struggled, with only 38% getting the question correct. So, to help set the record straight, here, Noodle's Jacqueline Dewey debunks nine common myths around credit scores and reports...
The housing market outlook over the next three months is the worst for 20 years, surveyors say. A net balance of 28% of Royal Institution of Chartered Surveyors (RICS) members expect sales to fall in the next three months. It's the most downbeat reading since records started in October 1998 and the pessimism is blamed on the lack of clarity around Brexit. Lack of supply and affordability also continued to affect the market. Sales expectations for the next three months are now either flat, with no change predicted, or negative, indicating falling sales, across all parts of the UK, the report said.
Responding to last night's vote on the EU Withdrawal Agreement, the chief executive of UK Finance warned that "time is running out to avoid a chaotic ‘no-deal’ Brexit that would be catastrophic for the UK economy". The Bank of England governor today said markets believe Brexit could be softened or even cancelled after Theresa May's catastrophic defeat last night.
FCA, has outlined the regulator's solutions to improving switching options for mortgage prisoners. In a letter to Treasury Committee chair Nicky Morgan, Bailey said the vast majority of mortgage prisoners were with inactive lenders and unregulated firms, making up a total of 140,000 borrowers.
55% of aspiring first-time buyers with a deposit at the ready are holding off on buying as a result of Brexit – the equivalent of at least 136,000 people across the UK, according to research. 65% who are ready to buy believe that doing so before Brexit would be a bad financial decision, with 55% delaying their purchase as they think they will be able to get more for their money after the 29th of March. 22% of first-time buyers say they would still purchase a property before Brexit, either because they have already found their ideal property and they don’t mind losing money on it (29%) or they have waited long enough (22%). Just 15% say they don’t think Brexit will affect property prices.