Requesting financing, whether for home improvements or for any other purpose, involves a responsibility and the payment of interest. For this reason, it is important to follow a series of steps before requesting our loan:
When carrying out a reform we must take into account different aspects that will define how much money we should ask the bank. The most important of them is the cost of the project. Therefore, it is important to prepare a table with the costs that we will have to assume.
These depend on each city council and include: the fee for the provision of urban development services, the Construction, Installations and Works Tax and the building permit. It is estimated that it represents between 3% and 5% of the money destined to the reform (without counting the cost of labor).
Taking into account all the costs of the reform (costs of the project + taxes and licenses) and subtracting the savings that we will contribute, we will be able to fix how much money we should ask the bank in our reform loan.
THE RISKS OF INTEREST RATE HIKES INCREASE WHEN INSTEAD OF ONE PERSON, ENTIRE FAMILIES HAVE OUTSTANDING LOANS. IF A PROBLEM ARISES, THE REST WILL NOT BE ABLE TO HELP THE FAMILY MEMBER IN DIFFICULTY.
The De Lara family, made up of five siblings, has five mortgages and will soon have two more. The Alemany Rodriguez family is also in debt, as are the Durán Rodriguez family. They are all wary of what might happen in the future, but they are confident that they will be able to continue paying their debts. So much so, that some of them -see graph above- will soon go from one to two mortgages.
“I would highlight another important change. The young people of the past were not university graduates, so they started working earlier and had greater purchasing power. There has been, therefore, a considerable lengthening of sociological immaturity. In the past, young people had an earlier sociological maturity because they had, in turn, an earlier economic maturity. Today, on the other hand, a young person becomes emancipated earlier but is much more economically dependent,” says Mayayo.
Lloyds banking group has a new problem. The European Commission wants the bank to reduce its share of domestic personal accounts from an anti-competitive 34% to a lower 20% as a reward for receiving state aid. There is a solution that seems simple, but with dire consequences for two key players.
Fortunately for Daniels, the current Labour administration may be more sympathetic than the EU. Gordon Brown’s personal involvement in the HBOS deal means the prime minister could take credit for saving the shaky bank. Being remembered as the man who destroyed Lloyds could be disastrous. At least until the general election, the UK will probably try to convince Brussels not to force a sale.
The final resolution will probably be a botched one. Lloyds could resolve the accounts issue by selling part of its own personal accounts, and then get rid of a big chunk of Halifax – maybe half. It could keep the Halifax brand and its dominant 20% share of mortgages. Disposing of chunks of a network of brands is tough. Also, a forced reduction in account market share would cause difficulties, such as customers having the right to choose their preferred brand.
Personal loans in Spain
F. J. P. CÓRDOBA. The severe financial crisis is causing the fat cows of credit to give way to the lean cows. For the first time in Cordoba, and with data from the
The investment bank Lehman Brothers, the fourth largest bank in the United States, filed for bankruptcy today after negotiations for its sale failed. Bank of America has finally decided to buy Merrill Lynch and Barclays, the other potential savior at first, decided not to buy Lehman, a bank created in 1850. Following speculation about possible state intervention, Alan Greenspan, the former chairman of the Federal Reserve, has expressed his support for the state not rescuing the bank. To deal with the global credit crisis, a group of 10 international banks has announced the creation of a $70 billion loan program.This is the most important bankruptcy in the US since 1990. Its collapse has already left thousands of workers in the street while the stock markets and world markets are preparing to avoid the consequences.