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http://www.mirror.co.uk/news/money/mirrorm...89520-20363107/

QUOTE

Cash crisis leaves homes in jeopardy

SAFETY FIRST IN CASH CRISIS

26/03/2008

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News picturesOur homes and jobs are in greater jeopardy than at any time in the past three decades.

Just as in the early 70s, a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills.

The panic that has gripped stock markets reflects that fact.

A major bank might not go bust but your employer could - taking your job and home with it - so it's vital that you do what you can now to protect yourself and your family.

Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.

Protecting your home is your first priority, so make sure you can meet your mortgage or rent first. If you're on a mortgage deal that's due to expire, talk to a broker now to ensure you can get a fresh loan that's affordable. Money is tight right now so lenders are very choosy about who they'll lend to.

If you're thinking about buying your first home, forget it until things settle down and houses become more affordable. The only exception to this may be key workers, who can take advantage of two new government schemes.

Existing owners should resist trading up, for you should avoid borrowing more money and concentrate on repaying your debts. Start with the dearest first, such as anything on credit cards.

Switch card debt to one offering an interest-free introductory rate and use that window to pay off what you owe.

Pay by direct debit to ensure you don't miss a payment.

Jobs seem secure right now but that may not last. If things get sticky, most bosses operate a "last in, first out" policy. Remember, you don't have redundancy rights during any probationary period......

Edited by notanewmember

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http://www.mirror.co.uk/news/money/mirrorm...89520-20363107/

QUOTE

Cash crisis leaves homes in jeopardy

SAFETY FIRST IN CASH CRISIS

26/03/2008

Related Articles

More Mirror Money

Have your say on What are you talking about? in our Forums

News picturesOur homes and jobs are in greater jeopardy than at any time in the past three decades.

Just as in the early 70s, a runaway housing boom and a credit-driven spending spree have been stopped in their tracks by fuel shortages ramping up energy prices and harvest failures pushing up food bills.

The panic that has gripped stock markets reflects that fact.

A major bank might not go bust but your employer could - taking your job and home with it - so it's vital that you do what you can now to protect yourself and your family.

Draw up a budget to ensure that you live within your income by cutting out all unnecessary spending.

Protecting your home is your first priority, so make sure you can meet your mortgage or rent first. If you're on a mortgage deal that's due to expire, talk to a broker now to ensure you can get a fresh loan that's affordable. Money is tight right now so lenders are very choosy about who they'll lend to.

If you're thinking about buying your first home, forget it until things settle down and houses become more affordable. The only exception to this may be key workers, who can take advantage of two new government schemes.

Existing owners should resist trading up, for you should avoid borrowing more money and concentrate on repaying your debts. Start with the dearest first, such as anything on credit cards.

Switch card debt to one offering an interest-free introductory rate and use that window to pay off what you owe.

Pay by direct debit to ensure you don't miss a payment.

Jobs seem secure right now but that may not last. If things get sticky, most bosses operate a "last in, first out" policy. Remember, you don't have redundancy rights during any probationary period......

Even NuLabour's paper is turning against them

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  • 295 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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