Britons have been taking money out of their accounts at the quickest rate for almost 40 years, which could leave some without a safety net to combat a change in their circumstances.
The Bank of England has indicated that we`ve taken £23 billion out of savings over the past year, which works out at around £900 per household. Much of the money has been spent on consumer items as it wasn`t accruing much interest, and this in turn has helped to fuel the country`s economic recovery.
As a knock-on, this could see interest rates rise soon, which will make savings more appealing, but may also lead to larger repayments being due on mortgages, credit cards and other loans.
Debt consolidation could give you the best of both worlds when interest rates go up – it can pay off your unsecured loans and leave you with more to put back into the bank each month, so your savings can benefit from greater interest.
Find out how First Choice Finance can help you do this at firstchoicefinance.co.uk or by calling us on 0800 928 3000 or 0333 003 1505.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
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 MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
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
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
First Choice Finance is a mortgage broker offering qualified mortgage advise giving you access to all the different mortgage types fixed rate tracker part & part interest only. Enquire online and speak to one of our dedicated mortgage advisers.