Consumers budgeting better in UK

Consumers budgeting better in UK

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Video transcript

By and large, people are feeling more confident in the British economy, but while many are spending cautiously, there are some elements that could lead certain consumers into looking towards secured loans.

Nielsen UK has found that confidence amongst shoppers has surged by 14 per cent in the past 12 months, but thriftiness lessons learnt during the recession are still being borne in mind, particularly when it comes to everyday shopping, with value stores and promotions still popular.

The stats show that the percentage of people who think now is a good time to buy items has continually reason between 2012 and this year, but there are still reasons for people to remain wary.

Increasing utility bills are much more at the forefront of people`s minds than they were a couple of years ago, while the number of people who suggest that they have no spare cash in order to build their savings has also increased.

If you`re feeling the pinch from unsecured debts like personal loans, store and credit cards and cannot bring your balances down through available funds or family help you may want to think about taking out a loan to reduce your monthly outgoings. This may enable you to be able to create a rainy day fund. If you cannot borrow enough or get a term to suit you then if you are a homeowner a secured loan may be an alternative.

With a secured loan, all your unsecured debt could be paid off, leaving you with a single repayment to make each month. This you should aim to be for a lower amount too, so you`ll be able to put more money aside.

A secured loan may well accrue more interest as it`s paid back over a longer period and carry the same risks as a mortgage, so look at your options before proceeding. To find out more on secured personal loans visit firstchoicefinance.co.uk or call on 0800 298 3000 or 0333 003 1505 form your mobile.
 

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Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

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