PERSONAL FINANCE NEWS
42 PER CENT PREFER DOG TO PARTNER
It is a sad day for British romance when 42 per cent of British people prefer their dog or cat to their partner. A survey conducted by M&S Pet Insurance shows that when it comes down to the “me or the dog” question, 42 per cent would always choose their furry friend. 63 per cent of those interviewed would even cancel a date if their pet was ill. So if your date gets cancelled this Valentines Day, they might not be snubbing you, instead they might just be tending to their poorly kitty.
HIGHER RATES ON FIXED MORTGAGES
Increased costs for lenders on the swap market has meant that rates have increased by more than 50 per cent since the start of the year on some mortgage deals. Borrowers who have delayed the decision to commit to a new deal will find themselves having to pay higher monthly payments. In practice this means a 0.5 per cent rate increase adds an extra £42 per month to repayments on a mortgage of £150,000.
MOTORISTS CUTTING BACK ON COVER
One in ten motorists intend to cut back on their car insurance this year, removing legal protection and courtesy cars from their cover. Andy James of Your Cover, a car insurance firm, warns motorists to: “Think carefully about the kind of car insurance policy they want in terms of cover and to avoid insuring themselves with a ‘scorpion’ insurer i.e. there’s a ‘sting in the tail’. A policy may seem cheap, but there is a wide variation in the level of charges imposed by insurers.”
MILLIONS SELL OFF THEIR ASSETS
A survey by friendly society, Engage Mutual Assurance, shows that over 3.5m people in the UK have changed their will in the past two years to make ends meet. 67 per cent of these people sold off assets because they needed the cash after losing their job during the recession. Sadly, 33 per cent of those who sold off assets think that they will have spent everything they had to pass on by the time they die.