Is secured on your home. Rates depend on your circumstances; usually lower than an unsecured loan and often more flexible.
Not secured on your home. May not qualify you for the best rates. Applying to a number of lenders may affect your credit score.
Based on your information we recommend you speak to a personal debt adviser.
They will offer you advice on:
Whether a loan is your best option
Consolidating your debts
Reducing the amount you owe
How to freeze your interest payments
Protecting you from creditors
Based on your requirements we have selected the FSA regulated broker Broker Name to help you with your enquiry.
Please click 'Search' to confirm that you are happy for them to contact you by telephone/e-mail.
Finished
Thank you for your enquiry.
Your adviser will be in touch with you shortly.
Banks to Curb Loans
July 3 (Bloomberg) -- U.K. services from banks to airlines contracted last month by the most since October 2001 and banks expect to curb lending further in the third quarter, adding to evidence that Britain is edging closer to a recession.
An index based on replies from about 700 service companies fell to 47.1 in June from 49.8 a month earlier, the Chartered Institute of Purchasing and Supply said today. A reading below 50 shows contraction. A separate Bank of England survey showed banks plan to reduce the availability of credit to consumers and businesses this quarter.
The slowing U.K. economy has pushed the benchmark FTSE 100 Index close to its lowest level in three years. Banks' reluctance to lend is dragging down the housing market, oil prices are surging and consumers are pulling back on spending. While Bank of England Governor Mervyn King says the U.K. may contract, faster inflation makes it harder for the bank to cut interest rates.
``We are at serious risk of a recession,'' said Alan Clarke, an economist at BNP Paribas SA in London. ``What we're facing is a prolonged, elongated slowdown, especially with no helping hand from the Bank of England in the shape of rate cuts.''
The pound dropped after today's release. It fell as much as 0.2 percent to 79.98 pence per euro and declined by the same amount against the dollar, falling to $1.9859.
Signs are increasing that the slowdown is worsening as banks keep a grip on lending after last year's credit-market rout.
`Bad News'
U.K. manufacturing contracted in June by the most since 2001 and Nationwide Building Society says house prices dropped 6.3 percent, the worst annual decline since 1992.
Royal Bank of Scotland Group Plc on June 27 had its rating cut by Moody's Investors Service because of the risk of defaults. Marks & Spencer Group Plc lost a quarter of its value yesterday after saying trading conditions won't improve for two years.
While today's services figures exclude retailers, the industry as a whole accounts for three-quarters of the economy and manufacturing 15 percent.
``The figures are really bad news,'' said Alex Garatti, U.K. economist for Natixis SA, after the services figures. ``It shows the U.K. is really suffering from tightening financial conditions and the slowdown in housing.''
Lending restrictions are exacerbating the slowdown as banks refuse to pass the Bank of England's three rate cuts since December on to consumers and businesses.
Financial institutions also expect spreads on corporate debt to widen in the next quarter, the Bank of England said. It conducted its survey of loan conditions from May 27 to June 18.
``The impact of the tightening in terms of availability of credit could prove greater than is embodied in the central case in our most recent set of projections,'' Deputy Governor Charles Bean wrote in testimony to U.K. lawmakers published yesterday.
For now, faster inflation is prompting Bank of England policy makers to consider raising rather than reducing rates. Inflation accelerated to 3.3 percent in May, the most in at least 11 years, and CIPS said today its index of services input prices rose to 71.7 from 67.7, the most since the survey began 12 years ago.
``The Bank of England has got to hint that it can't raise interest rates even though inflation is worrying,'' said Garatti.
