Christy Bieber The Motley Fool Published 6:00 AM EDT May 9, 2019 Personal loans have many significant advantages over other types of loans, such as credit cards. The interest rate on a personal loan is typically well below the standard APR on a credit card. And personal loans come with fixed repayment terms and predictable repayment schedules, so there’s no risk of getting mired in debt forever as there is with a credit card. But just because personal loans can be an affordable way to borrow doesn’t mean it’s always a smart idea to take out a personal loan. In these five situations, borrowing from a personal loan lender can be a big mistake. 1. When you can't get a loan at a reasonable rate There are all sorts of personal loan lenders that cater to borrowers with different credit histories and different borrowing needs. Unfortunately, some of those personal loan lenders are unscrupulous and charge very high interest rates and high origination fees. … [Read more...] about Times when it’s not a smart idea to take out a personal loan.
30 year home equity loan
A PHARMACIST from London bought her first-home at 24 - and now makes £6,000 a year by renting it out. Eve Obasuyi, 27, purchased her two-bed flat in Bristol in November 2016 for £165,000 but now lives in London with her fiance Nick Ogwuncha, 27. The savvy saver raised the £18,500 on her own, sticking £16,500 of it down as a 10 per cent deposit. She saved it in two and a half years by budgeting £500 a month to live off, sticking to half-price meals on nights out and giving up getting her hair and nails done to save some extra cash. But two years after she bought the flat, Eve and Nick got engaged. Excited about their future together, she planned to move out of her Bristol home and back to London to live with him. Reluctant to sell her home, Eve advertised the rooms online and found tenants before moving out in July last year. But becoming a landlord came at a cost. Eve needed to fork out another £5,000 upfront to remortgage as a buy-to-let property and … [Read more...] about I bought my first home in Bristol for £165k – now I make £6,000 a year by renting it out
Cardiff has seen a surge in young people flocking to the capital city, with the number of 21 to 30 year olds increasing by 39% during the last 15 years. According to 2017 data from the Office for National Statistics, 69,291 members of the city's 350,463 population were young people. And a report by the Centre for Cities revealed that they were attracted to the city by job opportunities and access to transport as well as the vibrant entertainment, sport and cultural scene. Many younger people settling in Cardiff have been desperate to get on the property ladder but, as we know, homes in the city don't always come cheap. But there are places out there for first-time buyers starting with a budget of just £90,000. We've done our research and found a choice of apartments in the trendiest and most convenient areas of Cardiff - and, if you're prepared to consider the outer suburbs and have a budget of up to £200,000, there are a range of houses available too... Grangetown: offers … [Read more...] about The best homes for first-time buyers in Cardiff right now
HOUSE prices slowed sharply at the end of 2018 recording its weakest annual growth in nearly six years, according to a property index. Growth slowed from 1.9 per cent in November to 0.5 per cent in December, Nationwide Building Society said, the slowest rate since February 2013. House prices were also down by 0.7 per cent month-on-month at the end of the year, with the national average now at £212,281. London and some commuter belt areas surrounding the capital have seen house prices dip year-on-year. In the capital, the average house price in the fourth quarter of 2018 was £466,988 - 0.8 per cent lower than the same period in 2017. The weakest performer regionally for annual house price growth was the Outer Metropolitan area, which includes Reading, Slough, Windsor and Maidenhead and Wokingham. Average house prices in the UKHERE are average house prices across the UK's alongside the annual change, according to Nationwide Building Society: - Northern Ireland, £139,599, … [Read more...] about Nationwide says house prices growth is at slowest pace for almost six years
A YOUNG couple from Norwich who started saving for their first-home when they were 16 managed to get the keys to their two-bed house by the time they turned 19. On average, first-time buyers are now 30 years old, but Nathan Stearman, 21, and his girlfriend Emma Smith, 19, achieved it a decade earlier. Nathan, a self-employed painter and decorator, and Emma, a book keeper, bought their home in Sprowston, Norfolk, for £168,500 in August this year after saving for between three and five years. But youth wasn't always on their side when it came to getting a mortgage, even though you can apply for one once you turn 18. To begin with, their broker didn't think they were being serious and even advised them not to even bother applying to some lenders because their age made them less likely to be accepted. Emma's credit history wasn't strong either, having never taken out a credit card or even borrowed money. But she turned this around by taking one out to boost her score and now the … [Read more...] about Young couple get the last laugh buying £170k home at just 19 – after broker thought they were joking