moneynet in the press

The Herald (Glasgow) – 28th July 2007

TRAVEL INSURANCE ON THE CHEAP COULD END UP COSTING YOU DEAR

Policies sold by tour operators can be far from comprehensive

Happy with your travel insurance this summer? We are overpaying by £1.3bn per year for our holiday cover, according to research by Alliance & Leicester.

In some cases, notably package holidays, this cover is bundled up in overall cost of the holiday, but this is invariably more expensive than buying stand-alone cover. Richard Brown, chief executive of comparison website Moneynet.co.uk, advises holidaymakers to resist the temptation to buy a policy when booking your holiday. “Travel agents’ mark ups are typically around 60%, and may not deliver the kind of comprehensive cover we would recommend,” says Brown.

Brown says that while many assume that taking out cover is protection against damage or loss of personal possessions, the reality is that the majority if claims made are for medical emergencies. “It’s the most comprehensive policies that people should be looking for – cheap cover may be cheerful but if you injure a third party while not properly insured on your break the ramifications could be horrendous.”

Daily Star (Supplement 1) – 10th July 2007

8% ACCOUNT CREATES LOADS OF INTEREST

A new current account from Abbey looks set to ignite an interest rate price war.

The bank has launched an account which will pay you a whopping 8% on your balance.

You have to pay at least £1,000 a month and have a balance of below £2500 to qualify for the high rate – if you go over, the rate is slashed to 2.5%.

With 13,000 of us swapping current bank account s every day, considering the Abbey account is definitely an option…at first sight.

Richard Brown of Moneynet.co.uk said: “Abbey’s highly tempting current account comes with more strings than a full-scale orchestra.

“It’s only open to those willing to transfer their existing accounts to Abbey, with existing customers losing out.

“Any balance over £2,500 will earn a measly 2.5% and that interest rate kicks in after the offer period if 12 months is up, so switch to another account after 12 months or don’t switch at all.”

Mortgagestrategy.co.uk – 9th July 2007

EASING THE BURDEN

For many hopeful first-time buyers, the only chance of property ownership is via a shared mortgage, be it with friends, family or a local authority.

A shared mortgage is an umbrella term that covers a plethora of borrowing approaches, ranging from shared equity and shared ownership to joint ownership and joint mortgages.

Buying with friends has attracted most publicity and the higher house prices climb, the more people are considering this approach.

Brokers should warn joint applicants they are putting their future credit ratings in the hands of their friends, and should get their credit reports checked before proceeding with a purchase, says Richard Brown, chief executive of Moneynet.co.uk.

‘Any bad credit history on the part of one client will be recorded against all parties to the mortgage, as they are linked be association,’ he says. ‘This could make it impossible for them to secure credit in future.’

Brokers should also direct their clients towards solicitors to hammer out issues such as deposit sizes, equity shares, changes of circumstances and disputes resolution.

‘Joint buyers must consider these possibilities at the outset and draw up proper agreements after consulting their solicitors,’ says Brown.

Mortgagestrategy.co.uk – 9th July 2007

EASING THE BURDEN

For many hopeful first-time buyers, the only chance of property ownership is via a shared mortgage, be it with friends, family or a local authority.

A shared mortgage is an umbrella term that covers a plethora of borrowing approaches, ranging from shared equity and shared ownership to joint ownership and joint mortgages.

The Times (Money) – 7th July 2007

A WORD TO THE WISE

“Abbey’s highly tempting current account bait – a market leading 8 per cent – comes with more strings than the London Philharmonic Orchestra”.

Richard Brown, of Moneynet.co.uk, the price comparison service, on Abbey’s new current account.

Daily Express (Main) – 6th July 2007

IT’S GOOD NEWS FOR SOME LUCKY SAVERS

It is not all bad news. Higher interest rates are good for savers.

Richard Brown, chief executive of financial data comparison site Moneynet.co.uk said: “This increase is good news for savers, providing the banks and building societies choose to pass on the full quarter per cent rise to their customers.”

However Mr Brown warned that some lenders will not increase their savings rates.

“Looking back at previous increases it seems unlikely that most banks and building societies will pass on the full benefit to their account holders, preferring instead to increase their margins and profits,” he said. “If that’s the case, savers should move their money elsewhere.”

Web User (Main) – 5th July 2007

50 WAYS THE WEN CAN MAKE YOU MONEY

With interest rates rising, now is a good time to shop around for a new and improved mortgage offer. You can compare deals at Moneynet.