UK housing experts estimate that over 1.4 million homeowners are facing potential mortgage payment hikes of up to 60% once their current cheap fixed rate mortgage deals end. Many of those borrowers will find they are unable to remortgage due to tighter lending restrictions imposed by banks and building societies and therefore could struggle to meet the increased repayments, potentially sparking a massive rise in house repossessions.

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Indeed, the situation is considered so serious by the Council of Mortgage Lenders (CML) that it has taken the extraordinary step of suggesting that some borrowers would be better advised selling their property now, rather than risk losing it in the future through repossession. With the housing market already showing signs of slowing, according to the UK’s biggest building society Nationwide, forced sales would represent a further knock in confidence.

Although borrowers with a high percentage of equity, excellent credit ratings and the correct affordability ratios will find discounted or fixed-rate remortgages fairly widely available, many who have very little equity or none at all plus a less than perfect credit rating will have little choice but to move to the costly standard variable rate. The worst-case scenarios figures make unpalatable reading; a borrower with a fixed-rate mortgage currently paying £890 a month on a typical £150,000 mortgage would need to find over £500 per month to meet the new repayment of £1,425 on a variable rate mortgage, a rise of just over 60%, but even hikes of 30% will be commonplace according to Michael Coogan, director general of the CML.

Indeed the situation is so bad that the CML is appealing to the Bank of England to cut base rates to help ease the pressure on homeowners. Coogan said: “The double impact of the credit crunch and the near collapse of the Northern Rock means that we are facing very difficult times. We have a number of uncertainties in the market, and we still haven’t recovered from those two seismic events.”

Even though the credit crunch crisis originated in the United States, because of the nature of the global financial markets it has had a devastating effect on UK remortgages and other mortgage products. Indeed the effects could be around for many years. Remortgages at reasonable rates will soon be in short supply as an increased number of borrowers chase a decreasing number of products, in their need to avoid swingeing increases in monthly repayments. According to the CML estimates the future for those borrowers seeking remortgages looks very bleak indeed.

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simply nuts to have followed a speculation fueled asset-inflation model which already failed so spectacularly in Japan. During the bubble, banks were lending 130% against land. Japanese people now save for goods rather than use extended credit. That is how it seems to me, anyway. My credit card works more like a debit card. I am asked at the point of sale if I would like to extend the terms of repayment. I always choose ‘one-pay’ and the full amount is automatically debited from my bank …

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In the present day banking scenario, the Online banking services have helped the banking customers in a significant manner. One can easily identify the unprecedented changes that have been taking place in the banking sector ever since the economic reforms were launched way back in 1991.

Two of the biggest segments of the Indian economy that have seen the best of these changes are the Online Banking services and fixed term deposit segments. Both these segments have been able to encourage the prospective customers to think beyond the previously framed rules and regulations.

In the world of Online Banking services and fixed term deposit, things have started changing like never-before. With the procedures and mediums of performing the banking services on the World Wide Web, things have changed and are much easier these days. Nowadays, a prospective loan applicant can fill an online form to request for a loan of any kind. Similarly, a banking customer can make an online request to view his account balance, request for a cheque book or statement, perform funds transfers and even issue a Demand draft or an e-cheque. These are just a few of the things one can perform by going online.

A customer can implement some useful things to ensure a hassle-free stint at the banking portals, such as:

Avoid banking at Cyber Cafés
Getting aware of phishing emails and scams
By remembering PIN and card together and by not keeping them in public view
Not keeping easy PINs, which can be easily cracked and avoid their sharing
By avoiding any passage of information related to accounts
By not replying to unknown emails
By immediately reporting a lost or stolen card and lodging a FIR with the police

However, there are certain things that need to be taken care off while using banking services on the Internet. The banking services must not be accessed, frequently, from a common PC or a laptop as that may lead to data leakage, leading to huge financial liabilities and losses. A person, desirous of using these services, must check the authenticity and encryption level of the website, on which he expects to perform banking tasks.

The advent of online services has helped the banking community to have a sigh of relief and get much-needed relief from the earlier times of banking, where standing in long-queues was a common practice.

A customer can easily opt for a fixed deposit by using the online banking services. He can also opt for a saving or current account while submitting his application on the Internet. However, he still needs to submit the necessary paperwork for that, besides fulfilling the eligibility criteria.

Many leading banks in the world of Indian banking sector such as State Bank of India, Kotak Bank, HDFC Bank, UTI, Standard Chartered and ABN AMRO etc. to name a few, have already started their online banking operations. Many other new names such as Barclays Bank have also entered in the Indian banking segment and have created a name for themselves in a short span of time. The greatest benefit of these services is that a customer gets banking solutions within a fraction of a second and moreover, the banking staff is relieved from some of its duties leading to more efficiency.

Thus, it can be easily concluded that the Online Banking services have largely stimulated the Indian economy and banking sector to a considerable extent. The banking customer of today is a lucky fellow, who just cannot believe his luck.

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