Fixed consumers http://fimendurance.com/ Wed, 28 Sep 2022 01:58:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.9 https://fimendurance.com/wp-content/uploads/2021/10/icon-5-120x120.png Fixed consumers http://fimendurance.com/ 32 32 Homeowners who waited THREE YEARS to have faulty smart meters repaired https://fimendurance.com/homeowners-who-waited-three-years-to-have-faulty-smart-meters-repaired/ Tue, 27 Sep 2022 20:50:45 +0000 https://fimendurance.com/homeowners-who-waited-three-years-to-have-faulty-smart-meters-repaired/ As bills soar, tracking your energy usage has never been more important. With that in mind, Money Mail last week posed the question: Is it finally time to get a smart meter? Well, readers have now had their say – and their answer is a resounding “no”. Smart meters are supposed to automatically send readings […]]]>

As bills soar, tracking your energy usage has never been more important. With that in mind, Money Mail last week posed the question: Is it finally time to get a smart meter?

Well, readers have now had their say – and their answer is a resounding “no”.

Smart meters are supposed to automatically send readings to your supplier to ensure billing accuracy. Households are also given a small monitor which should show how much energy they are using in real time.

Overflow: Our mailbag has been filled with letters and emails from readers who say their smart meter gadgets just aren’t fit for purpose

Yet over the past week, our mailbag has been filled with letters and emails from readers who say their gadgets just don’t fit.

Many claim the installation was botched or the technology never worked because the mobile signal where they live is too weak.

Others are furious because the monitors that are supposed to help them stay on top of usage are faulty and consistently displaying the wrong information.

Some vendors have even failed to update the figures displayed to reflect the price increase. As a result, customers are hit with larger than expected bills.

And despite customers harassing to upgrade their meter, vendors have shown little interest in addressing these issues – with one reader forced to wait three years for a replacement.

It’s no wonder households are furious that the cost of deployment – which has already topped £13billion – is being added to their bills.

As one reader put it, “With the need to replace obsolete and faulty meters, the costs are rising so perhaps they should be borne by the profits of the energy providers.”

Money Mail was so concerned about the volume of your complaints that we handed over a file to industry watchdog Ofgem for further investigation.

A spokesperson for the regulator said: ‘We thank Money Mail for this information. Consumer protection is our top priority and we want customers to experience the benefits that smart meters can bring.

“We regularly engage with suppliers and take enforcement action when appropriate.”

Chaos signaling

Smart meters work on 2G and 3G networks – older versions of systems that connect your mobile phone to the internet when you’re not using a WiFi connection.

But experts say that plan has always been flawed because it can be difficult for the signal to penetrate some buildings, especially those with thick walls.

A reader told Money Mail that an EDF Energy engineer said it would still be difficult to install a smart meter in his 1950s property because of the way it was built. Rural areas can be problematic due to a lack of network coverage.

And another Mail reader, Steve Fletcher, has never been able to get his gas meter working since he first installed the device and has regularly reported the problem.

Its provider, Bulb, claims that it is due to a poor mobile signal.

Deployment: Smart meter issues will only get worse as telcos prepare to replace 2G and 3G networks with faster 4G and 5G networks by 2033

Deployment: Smart meter issues will only get worse as telcos prepare to replace 2G and 3G networks with faster 4G and 5G networks by 2033

The 71-year-old woman from Leeds said: ‘My neighbor is also with Bulb and she has the same problem with her meter that she has had for two years.

“It looks like the deployment was rushed. They had so many things to do that they didn’t order them properly.

As with everything in life, if a company gives you something that is faulty, it needs to be replaced or repaired.

After being contacted by Money Mail, Bulb agreed to reinstall a new meter at Mr Fletcher’s home.

However, the energy company says this won’t be possible if the problem is with signage.

My gas bill was triple what the meter showed

Shock: Jane McMahon's UK gas bill was three times higher than her smart meter predicted

Shock: Jane McMahon’s UK gas bill was three times higher than her smart meter predicted

Joan McMahon, left, was horrified when her UK gas bill was three times higher than her smart meter predicted.

The 72-year-old, from south London, had the device installed in January. It correctly read the amount of energy used, but had not taken into account a change in tariff prices, which meant that the amount she had to pay was incorrect on the screen.

Jane says: ‘We get bills every couple of years so it took us until May to realize that. I was horrified.

“Our gas alone was £600 – I was expecting £200, based on our meter readings.”

After being contacted by Money Mail, British Gas arranged to update the tariff details on Jane’s meter.

Botched work

Dozens of households say they were told the day they were installed that the technology might not work, with engineers warning of rising complaints.

In one of the worst cases, a 93-year-old Ovo customer lost her electricity supply after getting a smart meter. She had to pay £118.80 to an electrician, who said the installer failed to turn on two control switches.

She told Money Mail: ‘My husband and I cannot afford to lose this amount of money through no fault of ours.

A spokesperson for Ovo said the money has since been refunded.

Readers say they are also struggling to get broken smart meters fixed despite vendors suing.

Energy companies have been given strict installation targets that they must meet or risk heavy fines. But once the device is installed, households say they feel they are no longer a priority.

British Gas customer Pat Thwaites has been waiting three years for her smart meter to be replaced. In the meantime, she has to rely on someone from the company to take readings from her old meter, which she can’t reach.

The 83-year-old, from Essex, says: ‘It would be really helpful to know what I spend on my gas and electricity. Every time I call British Gas they tell me something different.

The supplier admits that his complaints have not been followed up. It will install new meters next month.

Pensioner Sue Thurley, from Ware, Hertfordshire, says her gas display monitor never worked and does not show how much she is spending.

She says, “The situation has caused a lot of anxiety for my husband and me.

“I’m sick of phoning and emailing Scottish Power all the time asking them to fix it. But we are afraid of ending up with a big bill.

A Scottish Power spokesperson said: ‘We regret any inconvenience Ms Thurley has suffered. We arranged for an engineer to replace his faulty meter.

Peace of mind: smart meters are supposed to automatically send readings to your supplier to ensure billing accuracy

Peace of mind: smart meters are supposed to automatically send readings to your supplier to ensure billing accuracy

Obsolete technology

Problems with smart meters will only get worse as telecom companies prepare to replace 2G and 3G networks with faster 4G and 5G networks by 2033. Experts warn this could lead to shutdown operation of millions of devices.

Nick Hunn, of wireless consultancy WiFore, says: “In 2012, energy companies were told they were designing equipment with technology that was already becoming obsolete. But they were like rabbits in the headlights.

It comes after vendors were criticized for initially installing millions of older Smets1 devices in homes, which “go dumb” if you switch vendors. They are currently rolling out a new Smets2 model, which should continue to work.

A spokesman for the Department for Business, Energy and Industrial Strategy said: “We are working with industry to ensure smart gas and electricity meters can stay in place as we move away from 2G and 3G networks.

A spokesperson for campaign body Smart Energy GB said: ‘The vast majority of smart meters are working as they should.

“The rollout of smart meters is the biggest upgrade to our energy system in a generation, so it’s inevitable that there will be temporary technical issues to resolve along the way.”

h.kelly@dailymail.co.uk

Some links in this article may be affiliate links. If you click on it, we may earn a small commission. This helps us fund This Is Money and keep it free to use. We do not write articles to promote products. We do not allow any business relationship to affect our editorial independence.

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Soaring Personal Loan Interest Rates for 5 Year Fixed Rate Loans https://fimendurance.com/soaring-personal-loan-interest-rates-for-5-year-fixed-rate-loans/ Thu, 22 Sep 2022 23:44:42 +0000 https://fimendurance.com/soaring-personal-loan-interest-rates-for-5-year-fixed-rate-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own. The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock) […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for higher rates for 3 and 5 year loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between September 15 and September 21:

  • Rates on 3-year fixed-rate loans averaged 11.89%, down from 11.74% the previous seven days and from 10.70% a year ago.
  • Rates on 5-year fixed rate loans averaged 16.03%, down from 15.03% the previous seven days and from 14.35% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

Personal loan interest rates have increased over the past seven days for 3 and 5 year loans. Three-year loan rates rose a slight 0.15 percentage points, while 5-year loans jumped one percentage point. In addition, interest rates for both loan terms are higher than they were at the same time last year. Yet borrowers can take advantage of interest savings now with a 3- or 5-year personal loan. Both loan terms offer significantly lower interest rates than higher cost borrowing options like credit cards.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

22-septembre-tendances-de-loan-personnel.jpg

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of August 2022:

  • 3-year personal loan rates averaged 15.03%, down from 11.04% in July.
  • 5-year personal loan rates averaged 16.52%, down from 13.72% in July.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

graphic-loans-sept-22.jpg

In August, the average prequalified rate retained by borrowers was:

  • 9.05% for borrowers with a credit score of 780 or higher choosing a 3-year loan
  • 30.84% ​​for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Telco 5G fixed wireless revenues set to explode https://fimendurance.com/telco-5g-fixed-wireless-revenues-set-to-explode/ Tue, 20 Sep 2022 12:41:21 +0000 https://fimendurance.com/telco-5g-fixed-wireless-revenues-set-to-explode/ Revenues from carrier-billed 5G fixed wireless access services will nearly quintuple next year to $2.5 billion globally, according to new forecasts released by Juniper Research this week. The 480% growth rate predicted by the analyst firm comes naturally from a fairly weak base; this year, FWA revenue is expected to be $515 million, which is […]]]>

Revenues from carrier-billed 5G fixed wireless access services will nearly quintuple next year to $2.5 billion globally, according to new forecasts released by Juniper Research this week.

The 480% growth rate predicted by the analyst firm comes naturally from a fairly weak base; this year, FWA revenue is expected to be $515 million, which is a drop in the ocean compared to the trillions of dollars in operating revenue that global telecom operators generate among themselves every year.

But the figure suggests the start of something bigger. FWA finally comes into its own thanks to the superior network capabilities that 5G offers – faster speeds, much lower latency, increased data processing, and more.

Indeed, Juniper Research predicts that 5G operator FWA revenues will reach $24 billion globally by 2027, driven primarily by the use of the technology as a replacement for fiber for consumer services.

In the shared data, Juniper Research did not comment on specific markets. However, it is safe to say that the United States, where telecom operators are investing large sums in the rollout of 5G, will be a key contributor here.

T-Mobile US began its 5G FWA push in May with the launch of a new consumer fixed-wireless offering and related marketing campaign designed to entice customers of large broadband companies. The telecom company moved to steer consumers away from fixed ISPs by promising to pay early contract termination fees and pledging to lock in prices – a key selling point in the current economic climate. It also unveiled a new commercial FWA offering and new kit, but its focus was really on the consumer space.

Meanwhile, when rival Verizon announced plans to spend $10 billion rolling out its C-band frequencies in March last year – an ongoing project – it also specified that fixed wireless would be a key part of its 5G strategy. Indeed, it has since begun to present itself as a serious competitor in the US home broadband market.

AT&T also sees FWA as a key tenet of its 5G rollout, as do telcos around the world. India’s Reliance Jio launched a new 5G-powered FWA hotspot, JioAirFiber, last month as carriers in Italy, Australia, New Zealand and elsewhere push hard on the technology.

Indeed, Ericsson’s latest mobility report, released in June, showed that FWA now accounts for a fifth of all mobile data traffic. Admittedly, this data traffic is not exclusively based on 5G. Far from it, in fact. The vast majority of the more than 100 million FWA connections worldwide use 4G or other technologies. However, the provider’s forecast puts 5G FWA connections at around 230 million in total that it projects for 2027.

All of this lends credence to Juniper Research’s prediction that we’re on the cusp of rapid 5G FWA growth.

“The benefits of FWA are now comparable to services using fiber-based networks,” said Elisha Sudlow-Poole, research analyst at Juniper Research.

“Operators have an immediate opportunity to generate revenue from broadband subscriptions directly to end users by delivering last mile solutions backed by their existing 5G infrastructure.”

The consumer market will be key for operators, accounting for 96% of global 5G FWA revenues. But, as always, there’s no silver bullet here for carriers keen to secure 5G ROI… which of course they all are. Juniper Research’s numbers come with a caveat.

Operators will have to work on attractive offers for consumers, underlines the analyst firm. It’s an obvious point, but one that’s all too easy to overlook amid the hype of a new generation of technology. The company advises bundling services with connectivity, such as video streaming, gaming and smart home security to improve user experience and gain a competitive advantage over fiber incumbents.

While FWA might be the only sensible option for consumers in certain remote or difficult markets, providers of the technology will indeed have to compete against fixed ISPs in established fiber broadband markets to take a decent share of revenue.

Get the latest news straight to your inbox. Sign up for the Telecoms.com newsletter here.

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Is the fixed deposit an asset or a liability? Here’s what bank customers need to know as FD interest rates rise https://fimendurance.com/is-the-fixed-deposit-an-asset-or-a-liability-heres-what-bank-customers-need-to-know-as-fd-interest-rates-rise/ Mon, 19 Sep 2022 05:04:09 +0000 https://fimendurance.com/is-the-fixed-deposit-an-asset-or-a-liability-heres-what-bank-customers-need-to-know-as-fd-interest-rates-rise/ Is the fixed deposit an asset or a liability? With the recent rise in interest rates on fixed deposits, the debate on whether to invest in them or not is also back. One view suggests that FD accounts do not offer higher returns than market-linked products such as mutual funds, so you may want to […]]]>

Is the fixed deposit an asset or a liability? With the recent rise in interest rates on fixed deposits, the debate on whether to invest in them or not is also back. One view suggests that FD accounts do not offer higher returns than market-linked products such as mutual funds, so you may want to avoid investing in them. However, there is also another point of view that encourages investing in FDs because they are safer than mutual funds and stocks.

Experts say that fixed deposits can also encourage an individual’s saving habits as one has to hold an amount for a certain period of time to accumulate a reasonable amount of interest.

“Fixed deposit is definitely a boon for clients, primarily because it’s one of the safest ways to invest with guaranteed returns, flexible interest rate payments and withdrawal options. easy,” Mahesh Shukla, CEO and founder of PayMe, told FE. PF office.

“However, returns from fixed deposit investments are significantly low and clients might prefer to explore other investment tools,” he added.

Should you invest in FDs?

You should base any investment on your risk appetite and requirements. If there is any confusion, you should consult a financial adviser. These principles also apply to fixed deposits. FDs can be a good option if you want to earn interest and a guarantee that your fund’s value will never drop. There is also a deposit insurance guarantee of Rs 5 lakh on bank fixed deposits.

Also read: Fixed deposit vs bonds: which is the best investment?

Other Options

There are several other feasible investment options other than fixed deposits. However, most experts suggest that the best way to save money is to invest in government bonds, which are even safer; although with a slightly high interest rate.

“Similarly, investments in mutual funds are also a safe and profitable long-term investment option. Other investment options that clients can explore for long-term benefit are cash funds, equity funds, fixed term plans, corporate fixed deposits, etc. says Shukla.

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As rates rise, is it time to lock in a fixed rate mortgage? Here’s what you need to know – National https://fimendurance.com/as-rates-rise-is-it-time-to-lock-in-a-fixed-rate-mortgage-heres-what-you-need-to-know-national/ Sat, 17 Sep 2022 11:00:26 +0000 https://fimendurance.com/as-rates-rise-is-it-time-to-lock-in-a-fixed-rate-mortgage-heres-what-you-need-to-know-national/ According to experts who spoke to Global News, the Bank of Canada’s interest rate hike has some variable rate mortgage holders thinking about the benefit of locking in a fixed rate. But the peace of mind that comes with a steady rate comes with trade-offs owners should be aware of before opting to convert, they […]]]>

According to experts who spoke to Global News, the Bank of Canada’s interest rate hike has some variable rate mortgage holders thinking about the benefit of locking in a fixed rate.

But the peace of mind that comes with a steady rate comes with trade-offs owners should be aware of before opting to convert, they warn.

Victor Tran, mortgage and real estate expert at rate.ca, says he’s seen an “increase” in customers inquiring about the freeze on fixed-rate mortgages since the Bank of Canada raised its key rate to 3.25. % on September 7, an increase of 75 basis points.

“I think this most recent hike has definitely made more Canadians worried about their finances,” he says.

Read more:

How much will the Bank of Canada raise rates? Economists watch this metric to see

The story continues under the ad

Variable-rate mortgages with adjustable payments see monthly mortgage costs rise in line with central bank rate hikes, while homeowners with fixed mortgages only feel the pain of higher interest rates when from renewal to the end of their term.

With the Bank of Canada’s policy rate rising 300 basis points since the start of 2022, adjustable-rate mortgage holders have faced inflated monthly payments.

Leah Zlatkin, mortgage broker and lowrates.ca expert, says she’s also heard from more clients over the past week who are concerned that their variable-rate mortgages will soon become unmanageable, as the Bank of Canada announced to further rate hikes to come.

“We’ve now seen several rate hikes in a row and it’s kind of relentless right now,” she told Global News. “So many clients wonder where is the moment when I pull the trigger and go from my variable rate to a fixed rate?”


Click to play the video:







Rising borrowing costs for owners and potential buyers


Rising borrowing costs affecting owners and potential buyers – August 18, 2022

What is the difference between the variable and the fixed?

Variable-rate mortgages have exploded in popularity during the COVID-19 pandemic as lower central bank rates have made borrowing cheap and housing more accessible.

The story continues under the ad

But as interest rates have climbed through 2022, Tran says the “gap” between variable and fixed rates has narrowed significantly.

He gives the example of a client who came to see him recently to inquire about a change: he has a variable rate equal to the prime rate (5.45% at most lenders) minus 1.35%, or 4.1% today. Tran himself notes that this is a “fantastic rate”.

At the same time, he says his client has the ability to lock in a five-year fixed rate of 4.69%. The “spread” for him is therefore currently 0.59 percentage points.

Some economists at major banks in Canada expect the central bank’s rate hike cycle to lift the benchmark interest rate to 4% by the end of the year, an additional 75 basis points. .

Read more:

Not all Canadians feel the pain of rising interest rates. Here’s why that might change

Tran says his client is now deciding to “hedge his risk” by locking in the slightly higher rate today in hopes the bank will raise rates above the current spread.

“It is very difficult to time the market. Nobody knows what the future rates will be. We don’t know if we’re at the top for fixed or variable rates,” Tran notes.

The story continues under the ad

“Are they going to go up another 50 points, maybe 75 points? We do not know. But it’s something he wonders, is it worth locking up now just for that long-term protection?”

Read more:

Trigger — Why some mortgage holders might have to pay more as interest rates rise

Zlatkin notes that the spread calculation is a bit different for each client. While five-year fixed rates are often offered today around 4.7% with an 80% loan-to-value ratio on the mortgage, she says she also sees rates as high as 5.39% .

Variable rates currently fluctuate between prime minus 0.6% and prime minus 1.2%, she says.

While every client’s financial situation is different, Zlatkin says that for a homeowner with a variable mortgage paying a rate of 4.6% or more, “it might be time to start thinking about a fixed mortgage.” .

Does conversion correspond to your life projects?

The difference and predictability of monthly payments are not the only factors to consider when converting from an adjustable rate mortgage to a fixed mortgage.

The story continues under the ad

Tran says homeowners should ask themselves if, over the next five years, they anticipate any major life developments that could lead to a change in mortgage; having children and buying a bigger house, moving or refinancing a major renovation are common examples.

If you feel you might need to break a mortgage for any reason, the variable rate gives homeowners much more flexibility than a fixed rate mortgage due to the generally stiffer penalties associated with breaking the latter.

Read more:

The hunting house? Here’s what to ask your mortgage broker before making an offer

Variable rate mortgages all come with a penalty equal to three months interest, while their fixed counterparts may have higher fees related to the differential between the contract rate and current interest rates.

“If you’re planning on breaking the mortgage early because you’re looking to sell and move into another house or refinance or whatever… there’s definitely going to be a risk in locking yourself in. You might face heavy penalties,” Tran said.

While it’s common to worry about the pain of higher interest rates during an upward swing, Zlatkin says it’s also important to remember that rates go up and down in cycles and that lower rates will return.


Click to play video:







Tens of Thousands of Canadians Could Soon Hit Mortgage ‘Trigger Point’


Tens of Thousands of Canadians Could Soon Hit Mortgage “Trigger Point” – August 25, 2022

The foreclosure could bring peace of mind today, but could raise concerns that it will miss out when inflation is back under control and the Bank of Canada eventually cuts rates.

The story continues under the ad

“Once you lock in that five-year fixed rate, it’s incredibly difficult to get out of it,” Zlatkin says. “There’s always that buyer’s remorse when you see other people getting lower rates.”

Find predictability without getting locked in

While five-year fixed-rate mortgages have traditionally been the most popular option for Canadians, there are other ways to ease the pressure of rising rates, experts say.

Zlatkin says you can consider different financing options, such as changing the amortization period of your mortgage and paying a fixed monthly amount at a variable rate.

Read more:

Variable? Fixed? Static? Choosing the Right Mortgage as Interest Rates Rise

For those who choose to lock in a fixed rate, a term of one, two or even three years could allow you to “weather the storm” and find a mortgage that better suits your financial situation once the current upward cycle completed rates. finished, she adds.

The story continues under the ad

Tran says that for variable rate homeowners who are considering locking in a slightly higher fixed rate today, one option could be to make accelerated payments on your mortgage as if you were already paying that higher rate.

In other words, pay your variable rate as you have already converted it to a fixed rate.

Mortgage prepayments always go straight to principal, not interest, Tran notes. And in this scenario, if rates rise to the point where you’d be paying as much on your variable rate as if you had converted it to a fixed rate, you’re already budgeting the larger amount while still maintaining the flexibility of the variable mortgage.

“Then, if that prime rate goes up again, it will have virtually no impact on you because you paid a higher amount to begin with. So it’s just a way to mitigate the risk a bit,” he says.

Whether holders of variable rate mortgages move to a fixed rate or change their finances to provide more predictability in another way, Tran says he expects the traditional popularity of variable rate mortgages to fixed rate persists, for owners preparing to renew and buyers entering the market today.

“I think a lot of Canadians are just looking for certainty now.”


Click to play the video:







What the Bank of Canada’s interest rate hike means for you


What the Bank of Canada’s interest rate hike means for you – Sep 8, 2022

© 2022 Global News, a division of Corus Entertainment Inc.

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Fixed energy bills to receive an automatic rebate https://fimendurance.com/fixed-energy-bills-to-receive-an-automatic-rebate/ Thu, 15 Sep 2022 15:28:24 +0000 https://fimendurance.com/fixed-energy-bills-to-receive-an-automatic-rebate/ Most fixed rate households are likely to see an automatic energy reduction applied to bills from 1 October following the energy price guarantee announced earlier this month. New Prime Minister Liz Truss has said all energy prices will be frozen until 2024, costing the average household £2,500 a year, to help families cope with the […]]]>

Most fixed rate households are likely to see an automatic energy reduction applied to bills from 1 October following the energy price guarantee announced earlier this month.

New Prime Minister Liz Truss has said all energy prices will be frozen until 2024, costing the average household £2,500 a year, to help families cope with the cost of living crisis , which is largely due to rising energy prices.

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Three major energy companies make a BIG change for customers on fixed tariffs https://fimendurance.com/three-major-energy-companies-make-a-big-change-for-customers-on-fixed-tariffs/ Thu, 15 Sep 2022 12:55:44 +0000 https://fimendurance.com/three-major-energy-companies-make-a-big-change-for-customers-on-fixed-tariffs/ THOUSANDS of British Gas, EDF and Octopus Energy customers on fixed energy tariffs will benefit from cheaper bills in October. Customers with fixed tariffs have been informed that they will receive a discount under the new energy price guarantee. 1 Energy companies have said that those benefiting from fixed tariffs will not pay more than […]]]>

THOUSANDS of British Gas, EDF and Octopus Energy customers on fixed energy tariffs will benefit from cheaper bills in October.

Customers with fixed tariffs have been informed that they will receive a discount under the new energy price guarantee.

1

Energy companies have said that those benefiting from fixed tariffs will not pay more than the new priceCredit: Getty

From October 1, bills are expected to rise from an average of £2,500 a year to £1,971.

Liz Truss last week confirmed the new energy price guarantee, saving families bills of £3,500 a year.

However, a loophole in the new rules meant that those who benefited from fixed tariffs could end up paying more than the energy price guarantee cap because of the way the rebate would be applied.

Now British Gas, EDF and Octopus Energy have confirmed that none of their fixed-rate customers will be affected by the flaw.

Millions of energy customers WILL NOT GET £400 off their bill straight to their bank account
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EDF Energy has confirmed that it will suspend its exit charges for those wishing to switch from a fixed package to the standard variable tariff.

Government guidelines recommend that energy suppliers reduce the amount customers pay for their expensive repairs for their gas and electricity to bring them more in line with EPG tariffs.

However, such a move would still have left many people on fixed energy tariffs paying more than those on the standard variable tariff and protected by EPG.

At their expense, the three suppliers will manually adjust gas and electricity unit rates for those with expensive fixed rates to conform to the EPG.

British Gas said all its customers on patches with a higher unit rate than the EPG will be automatically switched to pay the lower rates.

A spokesperson for the company said: “We believe this is the right thing to do to displace people who have fixed tariffs who would automatically benefit from the government energy price guarantee.

“As a responsible supplier, we have to make things as easy as possible for our customers.”

EDF and Octopus Energy customers will also be protected.

An EDF spokesperson said: “We want to ensure that all of our customers can benefit from government support and reassurance that they are paying a fair price for their energy, so we have decided to temporarily suspend exit charges for those who switch from a fixed to our standard variable tariffs with immediate effect.

“Customers, including those on flat rates, will have their prices automatically adjusted to reflect the government’s price guarantee and will have nothing to do.”

We contacted the other energy providers and asked them how they would support their customer on fixed tariffs.

Rebecca Dibb-Simkin, Octopus Energy’s Chief Product Officer, said: “There are still people on fixed deals who will pay more than the £2,500 energy price guarantee.

“It would simply be unfair to leave them to bear these high costs on their own, without any financial support.

“We have therefore decided to move all of our customers on these rates to our standard variable price guaranteed product at no additional cost to them.”

How will energy billing rates change in October?

The rates in effect for people benefiting from a dual fuel rate (standard variable rate) who pay their bills by direct debit are:

  • 7p per kilowatt hour (p/kWh) for gas
  • 28p/kWh for electricity
  • A standing charge of 27p per day for gas
  • A permanent charge of 45p per day for electricity

Under the new Energy Price Guarantee, those using the same payment method will pay a unit rate of, on average:

  • 10.3p per kilowatt-hour (p/kWh) for gas
  • 34p/kWh for electricity
  • A standing charge of 28p per day for gas
  • A permanent charge of 46p per day for electricity

Those with fixed tariffs who charge a higher unit rate than the figures above will automatically have their tariffs adjusted by British Gas, EDF or Octopus Energy.

Be aware that the amount you pay will vary very slightly depending on the company you work with, where you live and how you pay your bill.

What other energy bill help is coming?

From October 1, all households will start receiving a £400 reduction on their energy bill.

The payment will be distributed by your energy supplier and will be spread over six remittances between October and March next year.

Households will get a £66 rebate on their energy bill in October and November and a rebate worth £67 in December, January, February and March.

In November, a one-time ‘pensioner cost of living payment’ of £300 will be paid to eight million households.

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It will be given to those who are already receiving the winter fuel payment – ​​which is worth between £100 and £300 for those over retirement age.

Millions of households are in line to claim the £150 Hot Homes Discount between December and March 2023.

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Fixed price mango sales suffer from small sizing https://fimendurance.com/fixed-price-mango-sales-suffer-from-small-sizing/ Thu, 15 Sep 2022 12:13:37 +0000 https://fimendurance.com/fixed-price-mango-sales-suffer-from-small-sizing/ According to reports from UPA Málaga, mango growers in the province of Malaga, who charge a fixed price for their fruit based on size, are having a difficult year as drought has had a general impact on fruit size. . “It’s a shame that they pay producers 50 cents less for a gram of difference. […]]]>

According to reports from UPA Málaga, mango growers in the province of Malaga, who charge a fixed price for their fruit based on size, are having a difficult year as drought has had a general impact on fruit size. .

“It’s a shame that they pay producers 50 cents less for a gram of difference. The mango is considered to have a good size from 300 grams. They take advantage when it weighs less to pay half and up to a third of the price. They don’t realize that it’s the same quality and that’s why they should pay”, denounces Francisco Moscoso, the organization’s general secretary. “They pay us 0.25 euro per dollar if the size is less than 200 grams, 0.50 euro per kilo if it goes from 200 to 350 grams, and 1 euro from 300 grams. These are unfair prices. There is no justification for them except for speculation. As always, a few want to get rich at the expense of farmers.”

UPA Málaga points out that the lack of rainfall has made the fruit smaller but has not affected its quality. “Consumers buy a product of excellent quality. This year, the sizes are smaller due to the lack of precipitation. In many cases they do not exceed 350 grams, which, according to those who buy the mangoes from us, is the point where they seem to sell better. It is abuse. They take advantage of the circumstances to pay growers less and as an excuse to import much cheaper mangoes from other countries which they then sell for more, making a bigger profit while our farmers are ruined,” Francisco said indignantly.

Source: agroinformation.com

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Fixed Interest Rates to Create DeFi 2.0 for Institutions, Says Former Bank Manager https://fimendurance.com/fixed-interest-rates-to-create-defi-2-0-for-institutions-says-former-bank-manager/ Wed, 14 Sep 2022 12:04:12 +0000 https://fimendurance.com/fixed-interest-rates-to-create-defi-2-0-for-institutions-says-former-bank-manager/ Infinity Exchange, a new platform offering institutional-grade capital efficiency in decentralized finance (DeFi), announced a $4.2 million funding round in an effort to drive institutional adoption of DeFi. Infinity Exchange is led by former Morgan Stanley executive Kevin Lepsoe, who left the world of traditional finance to focus on the opportunities available to investors through […]]]>

Infinity Exchange, a new platform offering institutional-grade capital efficiency in decentralized finance (DeFi), announced a $4.2 million funding round in an effort to drive institutional adoption of DeFi.

Infinity Exchange is led by former Morgan Stanley executive Kevin Lepsoe, who left the world of traditional finance to focus on the opportunities available to investors through DeFi.

However, the founder says institutional investment is key to providing a solid economic foundation for the next iteration of DeFi 2.0.

According to Lepsoe, with access to a range of full-rate products, with fixed to variable rates, there will be more secure opportunities for institutional investors and rate equality for individuals.

“The beauty now is that individual investors will be reassured knowing they have access to the same markets as institutional investors, and it doesn’t matter if they lend or borrow $100 million or $10 million.”

Lepsoe points out that a major downfall of the current DeFi 1.0 space is the disconnect between floating rate and fixed rate markets. In such cases, like the current DeFi setup, capital cannot flow easily, preventing markets from working in union with each other.

The funds obtained in the last round will go towards the development of Infinity’s product offerings, including fixed and floating rate markets, as well as futures and spot markets, among others.

Related: Crypto’s Correlation with Traditional Finance Could Soon Lead to More Bleeding

By providing elements of TradFi, such as a financial markets protocol with fixed and floating interest rates, Infinity encourages large institutions to step into the unknown. Lepsoe told Cointelegraph that this also helps compensate for current shortcomings in current DeFi protocols, like the ones mentioned above.

“By integrating product functionality and introducing more efficient collateral management, we are enabling more players to access and trade markets in many new ways that were not possible before.”

Lepsoe believes such tools for large-scale investors are an important part of the foundation for potential market growth of up to “1,000 times what it is today.”

This development comes as institutional investors eye the space. Some surveys show that around 8% of institutional investors believe crypto will overtake traditional investments in the next 10 years.