|By PR Newswire||
|January 15, 2013 09:27 AM EST||
CHESTER, England, January 15, 2013 /PRNewswire/ --
- Mortgages rates down across top five 3 and 5 year fixes
- Average personal loan rates at £7,500 drop by 1.24 per cent
- Average length of zero per cent interest free period on BT credit cards is up to 23.2 months
Borrowers looking to take out a personal loan, mortgage or credit card in 2013 could benefit from greater competition in the market as a result of the Bank of England's Funding for Lending Scheme. According to analysis* by MoneySupermarket average rates on some mortgages and personal loans have fallen, while lower balance transfer fees on credit cards and longer promotional offers, mean people who need to borrow are benefiting from cheaper rates.
The UK's number one comparison site compared the current deals on a range of popular financial products including personal loans, mortgages and credit cards, to those offered in January 2012 and found 2013 looks as though it is going to be a better year for borrowers.
Recent rate cuts from lenders such as Yorkshire Bank has resulted in the lowest rates ever personal loan rates. The average personal loan rate at £7,500 has fallen 1.24 percentage points to 10.26 per cent, meaning anyone borrowing this amount over five years would save an average of £251 in interest compared with taking out a loan this time last year.
Some mortgage rates have also fallen. Average rates have decreased across three and five year fixed rate mortgages, with the average three year fix rate falling 0.37 percentage points, while the average five year fix rate is down by 0.42 percentage points. However, those looking for a two-year fixed rate deal will pay 0.03 percentage points more than this time last year. Additionally, the average rate on two-year tracker mortgages has risen by 0.20 percentage points and three year tracker mortgages by 0.37 percentage points, although rates on these two product types have fallen since the turn of this year.
The total number of mortgages available is lower now, than it was this time last year. There are currently 2,983 products compared with 3,174 last January, however, there was only 2,373 products available when the Funding for Lending scheme was launched in August 2012.
The analysis also looked at credit cards, and found good news for those needing to consolidate their credit card debt, as the average balance transfer fee has decreased by 0.13 percentage points to 3.05 per cent across the top five providers. Barclaycard's Platinum Card with Extended Balance Transfer, offering zero per cent interest for 24 months remains the market-leader leader with the longest promotional period, but the competition is catching up. The average interest free period across the top five cards has lengthened from 22.4 months in 2012 to 23.2 months.
Kevin Mountford, head of banking at MoneySupermarket, said: "The New Year is a time when households will be reviewing and looking to make savings on their personal finances, so falling interest rates is great news for those with borrowings. While the Bank of England's Funding for Lending scheme has led to lower rates for savers, borrowers are enjoying the flipside of that. The availability of cheaper funding for lenders is helping boost overall competition in the market, so now is a good time for individuals to put in the research and shop around. We've recently seen providers such as Nationwide and Woolwich reducing rates across their mortgage ranges, and it is likely we will see others follow suit in the coming weeks.
"While there hasn't been a new entrant challenging Barclaycard's 24 month 0 per cent balance transfer offer our analysis shows lenders are attracting consumers with lower transfer fees. Lloyds TSB, for example, is offering a 50 per cent reduction on its balance transfer fee on its Platinum Credit Card, the equivalent of a 1.50 per cent fee, which is still great for anyone looking to consolidate their debts.
"Using a comparison site such as MoneySupermarket is a good way to look across the various products offered. Consumers should ensure they take the time to research beyond the headline rate to find the best product to suit their needs and circumstances."
*MoneySupermarket product comparison 2013 v 2012
Loans comparison for £7,500 over 5 years (unsecured)
Average Headline Rate in 2013: 10.26 APR
Average Headline Rate in 2012: 11.50 APR
Total number of products
January 2012: 3,174
January 2013: 2,983
MoneySupermarket.com compares (at 27th Dec 2012)
- 134 car insurance brands and 97 home insurance brands
- 9 broadband providers and 20 energy providers
- 31 unsecured loan and 5 secured loan providers
- 62 mortgage lenders and 26 credit card providers
- 63 savings providers and 38 current account providers.
- Over 650,000 mobile phone deals
We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.
By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.
Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.
Our customer commitment
- We make it easy to find the brands you expect to see
- We strive to ensure a product cannot be found cheaper by going direct
- We let you remain in control of your personal data
- We are independent and impartial
- We make it easy to switch and save
- We strive to always show the most competitive product available
For further information contact:
Paul Lawler PR Manager
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
Feb. 27, 2017 09:00 AM EST Reads: 6,682
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 27, 2017 08:45 AM EST Reads: 6,385
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 27, 2017 08:45 AM EST Reads: 1,312
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 27, 2017 08:45 AM EST Reads: 218
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Feb. 27, 2017 07:45 AM EST Reads: 962
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Feb. 27, 2017 07:45 AM EST Reads: 216
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 27, 2017 06:45 AM EST Reads: 1,796
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
Feb. 27, 2017 06:00 AM EST Reads: 6,162
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 27, 2017 04:30 AM EST Reads: 4,330
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
Feb. 27, 2017 04:30 AM EST Reads: 2,260
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 27, 2017 03:30 AM EST Reads: 2,224
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Feb. 27, 2017 02:00 AM EST Reads: 7,577
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
Feb. 27, 2017 01:00 AM EST Reads: 2,202
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 26, 2017 11:45 PM EST Reads: 2,227
Who are you? How do you introduce yourself? Do you use a name, or do you greet a friend by the last four digits of his social security number? Assuming you don’t, why are we content to associate our identity with 10 random digits assigned by our phone company? Identity is an issue that affects everyone, but as individuals we don’t spend a lot of time thinking about it. In his session at @ThingsExpo, Ben Klang, Founder & President of Mojo Lingo, discussed the impact of technology on identity. Sho...
Feb. 26, 2017 11:45 PM EST Reads: 6,285
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Feb. 26, 2017 10:00 PM EST Reads: 13,789
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Feb. 26, 2017 09:15 PM EST Reads: 2,568
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 26, 2017 09:00 PM EST Reads: 9,076
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Feb. 26, 2017 08:45 PM EST Reads: 2,110
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 26, 2017 08:45 PM EST Reads: 5,263