moneynet in the press

Northampton Chronicle & Echo – 29th February 2008

CHANCE TO BAG BEACH BARGAIN

Despite the credit crunch, consumers are showing no signs of packing in their summer holidays abroad according to a new survey.

But nearly 77 per cent of consumers will pay for holidays this year either with savings or earnings, claims personal website Moneynet.co.uk.

Sunday Herald (Glasgow) (Main) – 24th February 2008

CUSTOMERS FACE REMORTGAGE NIGHTMARE AS NATIONALISED NORTHERN ROCK SHEDS ‘FLEXIBLE’ DEALS

Richard Brown, chief executive of Moneynet.co.uk says: “Unless they can persuade a different lender to offer them an affordable alternative, thousands of Northern Rock customers could face losing their homes when their fixed-rate deal reverts to Northern Rock’s standard variable rate. Many Northern Rock customers are going to lose out in the worst possible way.”

Sunday Express (Financial and Property) – 24th February 2008

NEGATIVE EFFECTS OF LOAN CRACKDOWN

Thousands of homeowners who have taken out mortgages without putting down a deposit risk repossession as the property market slows and lenders refuse to do business with heavy borrowers.

“Unless they can persuade a different lender to offer them an affordable alternative, thousands of Northern Rock customers could face losing their homes when their fixed-rate deal reverts to the SVR,” said Richard Brown, boss of personal finance site Moneynet.co.uk.

“Some of these customers who don’t fit standard lending criteria, the kind of borrower the Rock was happy to take on before the crisis began, are likely to have many doors shut in their faces by other lenders in the current economic climate.

Sunday Herald (Web) – 23rd February 2008

CUSTOMERS FACE REMORTGAGE NIGHTMARE AS NATIONALISED NORTHERN ROCK SHEDS FLEXIBLE DEAL

The government last week announced its decision to take over the running of the beleaguered bank, amid fierce criticism from the shareholders. But borrowers could also lose out.

Richard Brown, chief executive of Moneynet.co.uk, says: ‘Unless they can persuade a different lender to offer them an affordable alternative, thousands could face losing their homes when their fixed-rate deals revert to Northern Rock’s standard variable rate. Many Northern Rock customers are going to lose out in the worst possible way

Telegraph & Argus (Bradford) – 23rd February 2008

NOW’S THE TIME TO BAG A HOLIDAY BARGAIN

Book your summer holidays today to collect an even bigger discount. That’s the tactic tour firms are trying this year to get us to think seriously about holidays.

Moneynet.co.uk claims one in five travellers will put the cost of this year’s holidays on a credit card and nearly half of them will take more than six months to pay off the resulting debt.

Despite the security crackdown at airports last year, Moneynet.co.uk says few travellers think about terrorism: just one per cent of interviewees gave security worries as a reason to stay at home.

The Herald (Glasgow) (Main) – 23rd February 2008

FUNDING CRUNCH FOR BORROWERS AS LENDERS END 125% MORTGAGES

The “mega-mortgage” is dead, leaving borrowers facing a double-whammy when their deal expires.

A Northern Rock borrower with a £100,000 interest-only mortgage fixed at 5.19% will have to pay £200 more each month – up nearly 50% from £432.50 to £632.50 – when his deal reverts to the Rock’s 7.59% variable rate.

“If their mortgage is a high loan-to-value, or they don’t have regular pay slips to prove their income, they could find it difficult to persuade other lenders to offer them alternative funding, “said Moneynet.co.uk chief executive Richard Brown. “We advise anyone affected to talk to an independent financial advisor or broker to source the best deals.”

Shropshire Star (last edition) (Mid Wales) – 23rd February 2008

EARLY BOOKINGS EARN EVEN MORE DISCOUNT

Book your summer holidays today to collect an even bigger discount. That’s the tactic which tour firms are trying to get us to think seriously about this year.

But nearly 77 per cent of us will pay for holidays this year either with savings or earnings, claims personal finance website Moneynet.co.uk, based on nearly 2,800 responses. It says 41 per cent intend to spend under £1,000 on their main holiday in 2008, but 48 per cent will go up to £3,000 and nearly 3.5 per cent will happily splash £5,000 plus.

IFAonline.co.uk – 22nd February 2008

HIGH NORTHERN ROCK MORTGAGE PAYMENTS THREATEN THOUSANDS

The news follows yesterday’s announcement that Northern Rock is withdrawing its Together range, which offers a combined mortgage and personal loaned aimed at first time buyers.

Moneynet.co.uk says Northern Rock’s desire to get rid of non-conforming customers will mean many will be unable to remortgage elsewhere or will be forced onto the expensive Standard Variable Rate (SVR).

Birmingham Post (Main) – 22nd February 2008

HOMEOWNERS FACING DISASTER WHEN ROCK RATES CHANGE

Northern Rock’s attempt to reduce its loans book will leave thousands of homeowners facing “financial meltdown”, it was claimed yesterday.

Customers with impaired credit ratings will either be cold shouldered by other lenders if they try to re-mortgage or find their monthly payments soaring by as much as 50 per cent, according to personal finance website Moneynet.co.uk.

A borrower with a £200,000 interest-only loan at a fixed rate of 5.19 per cent will have to find nearly 50 per cent extra each month when their deal reverts to Northern Rock’s variable rate of 7.59 per cent, Moneynet.co.uk has calculated.

BBC Online – 21st February 2008

NORTHERN ROCK ENDS 125% MORTGAGE

The 125% loan deal ends at 2000 GMT. The troubled Northern Rock bank is to stop offering its ‘Together’ combined mortgage and loan deal.

But other lenders offering similar mortgage deals withdrew them earlier this week. ‘Some of those customers who don’t fit standard lending criteria – the kind of borrower Northern Rock was happy to take on before the crisis began – are likely to have many doors shut in their faces by other lenders in the current economic climate,’ said the financial information website Moneynet.co.uk.

South Wales Evening Post (Swansea) (Main) – 16th February 2008

BOOK NOW TO BAG A BARGAIN FOR SUMMER

Book your summer holidays today to collect an even bigger discount. That’s the tactic which tour firms are trying this year to get us to think seriously about holidays.

But nearly 77 per cent of us will pay for holidays this year either with savings or earnings, claims personal finance website Moneynet.co.uk, based on nearly 2,800 responses.

Daily Star (Web) – 8th February 2008

BAD BETS ARE ON THE CARDS

Using your credit card to pay for online gambling can make you a two-timer loser.

Richard Brown, of Moneynet.co.uk, said: ‘An online gambler racking up 5,000 worth of debt on a credit card at a 22% cash advance rate will repay interest of at least 1,100 a year unless they clear the debt.

“In other words, the gambler will need to win their stake back plus at least 22% just to stand still.”

Daily Star (Main) – 5th February 2008

BAD DEBTS ARE ON THE CARDS

Using your credit card to pay for online gambling can make you a two-time loser.

Richard Brown, Moneynet.co.uk said: “An online gambler racking up £5,000 worth of debt on a credit card at a 22% cash advance rate will repay interest of at least £1,000 a year unless they clear the debt.

“In other words, the gambler will have to win his stake back plus at least 22% just to stand still.”

Press & Journal (Highlands & Islands) (Main) – 4th February 2008

STAKE NOT THE ONLY COST FOR ONLINE PUNTERS

Online gamblers could risk losing more than their stake if they use a credit card to fund their flutters, according to Moneynet.co.uk.

Moneynet.co.uk chief executive Richard Brown said: “Unless gamblers are aware that these transactions are treated differently from normal everyday purchases they will be losing money hand over fist as the top rate of interest stacks up.

“An online gambler racking up £5,000 worth of debt on a credit card at a 22% cash-advance rate will repay interest of at least £1,100 a year unless they clear the debt.

“In other words, the gambler will need to win their stake back plus at least 22% just to stand still.”

Press & Journal (Aberdeen) (Main) – 4th February 2008

STAKE NOT THE ONLY COST FOR ONLINE PUNTERS

Online gamblers could risk losing more than their stake if they use a credit card to fund their flutters, according to Moneynet.co.uk.

Moneynet.co.uk chief executive Richard Brown said: “Unless gamblers are aware that these transactions are treated differently from normal everyday purchases they will be losing money hand over fist as the top rate of interest stacks up.”

Sunday Herald (Glasgow) (Main) – 3rd February 2008

ONLINE GAMBLERS LOSE OUT OVER NET BET CHARGES

Online gamblers could risk losing more than their stake if they use a credit card to fund their flutters as card firms load the interest rate on net bets.

Richard Brown, chief executive of Moneynet.co.uk, a comparison website, says: “Unless gamblers are aware that these transactions are treated differently from normal everyday purchases they will be losing money hand over fist as the top rate of interest stacks up.”

Birmingham Post (Main) – 2nd February 2008

CREDIT CARD CRUNCH FOR ONLINE GAMBLERS

Online gamblers could risk losing more than their stakes if they use credit cards to fund their sporting flutters.

“Unless gamblers are aware that these transactions are treated differently from normal everyday purchases, they will be losing money hand over fist as the top rate of interest stacks up,” says Moneynet.co.uk chief executive Richard Brown.