Qualified advisers answering your
Financial Questions
call 0800 092 1245

Is loan consolidation a serious option for many in the UK?

While the banking sector is still struggling to provide the liquidity we saw in 2007, at the height of the economic boom, we are starting to see more signs of movement in the money markets. As UK interest rates continue to move lower, with speculation they could hit 1% next week, many people should be looking towards potentially consolidating their loans at substantially reduced levels. When you consider that many people may have taken out loans at around 6% of the last two years, the current rate offers a substantial reduction on monthly payments.

While loans and debts should be considered along with all investments and assets available there is the potential to make substantial savings in the short to medium term. However, as ever it is vital that advice is taken from your IFA as to what products are available on the market, which ones look best value and which ones best suit your situation.

Many of the UK population could look back on this particular period of UK economic difficulty in the future and wish they had refinanced their debts at substantially lower levels. It is not rocket science, it is actually happening now although the banks may prefer you to lock yourself in at higher rates, but do not be fooled!

Consult your IFA for the latest opinion from the market and the best products available.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details