High street lenders have been increasing the number of loans and deals available to first time home buyers, but this could still fail to stimulate the market, amid fears that credit scores will need to be near perfect.

According to This Is Money, 332 deals are currently available to buyers with a 10% deposit, whereas two years ago the figure was 114, and last year it was still only 199. The average two-year fixed-rate is lower, at 5.51%, when it was 6.10% last year and 6.48% two years ago.

These figures, according to Moneyfacts, represent a saving of £89 per month on a £150,000 loan, when compared with the same borrowed amount two years ago.

HSBC has said it will lend a massive £3 billion in order to find 27,000 first-time buyers, whilst Halifax and Nationwide are also offering deals intended to spark and stimulate interest through appealing investment opportunities.

However, these deals are entirely dependent on the credit checking process, and many buyers find themselves falling at this hurdle. It can stem from simply avoiding the electoral roll, or never managing a credit card, and whilst many will feel this shouldn’t work against them as a potential buyer, they are stumbling blocks for gaining credit.

Having a proven financial history will help a lender to recognise you as a responsible borrower, capable of managing finances and paying back the owed instalments and interest payments on time and in full.

As a first time buyer you may also want to check home insurance deals, as comprehensive buildings and contents cover is popular among home owners.

It has been reported today that public sector pensions are costing UK taxpayers more than initially indicated, with the originally quoted figure of £770 billion increasing by over 50% to £1,200 billion, or £1.2 trillion. This astonishing statistic has been reported today by ThisIsMoney, with further news that the figure is not actually comprised of all public sector pensions; certain retirement funds such as those paid to local government staff are not included.

When this figure is broken down, it equates to £47,000 per household. At a time of economic difficulty, many UK workers are having to go without a pension. Fronting a massive bill for someone else’s retirement fund, whilst having to sacrifice their own, will be a difficult pill to swallow for UK private sector workers.

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Credit unions have reported a rise in the number of people using them to save safely for Christmas.

The Association of British Credit Unions (Abcul) said that it saw a 15% rise in credit union savings in the two years to 2008.

As consumers seek to reduce their personal debt during the recession, there has been an increase in the number of credit unions offering Christmas savings accounts designed to help people manage their money ahead of the most expensive time of year.

According to research from Abcul, 71% of credit unions said they offered a Christmas savings account, with a further 18% planning to offer the account in the future.

Mark Lyonette, chief executive of Abcul, said: “Credit unions, as community-owned and controlled organisations, offer local people a well-trusted financial solution.

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Years of savings would be needed to return household wealth to pre-recession levels, a Bank of England report has found.

According to the figures, it would take nine years for households that saved 10% of their income to bring wealth back up to the average of the last 20 years. However, the Bank said that it is difficult to assess how much, if at all, households will put aside in savings in order to rebuild their wealth.

The report found that between 1995 and 2007 the ratio of household spending to saving fell to historical low levels. Rising property prices, falling interest rates and easy access to credit meant that people were tempted to spend rather than save during the late 90s and early part of this decade.

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The total amount of personal debt in the UK has fallen for the first on record, according to new figures from the Bank of England. Mortgage repayments also outstripped new lending for the first time since records began in 1993.

Personal borrowing fell by £600m in July with the amount of money owed by individuals totalling £1.457 trillion. There was a decrease in both mortgages and personal loans.

The steep drop in mortgage lending was driven by the ongoing restriction of the amount banks and building societies are prepared to advance, with the British Bankers’ Association admitting last week that net lending in July fell to its lowest level since October 2000.

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Children as young as 13 will be able to apply for pre-paid Visa cards which can be used in shops, online and at cash machines.

The so-called “Load and Go” cards are being issued by mobile network O2 and can be obtained without parental consent, although parents will be informed when an application has been made.

The card, which is being launched in partnership with Natwest bank, comes with no fees and no overdraft facility, meaning that young users will not be able to spend more than they have loaded on the card. Money can be loaded online, at O2 stores, PayPoint and e-pay outlets. Users will be sent real time balance reports to their mobile phone.

A spokesman for O2 said: “This offers a much safer alternative to carrying cash around as it uses Chip and Pin security and can be blocked and replaced if stolen or lost, ensuring the money is safe and secure.”

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The government’s scrappage scheme has created a vital boost in demand for vehicles, as new car sales fell at their slowest rate for almost a year.

New car registrations fell by 15.7% in June compared with the same month last year. In May, output fell by 43%, with a 55% annual drop in output in April.

According to figures released by the Society of Motor Manufacturers and Traders (SMMT), 176,264 units were sold during the month, the smallest decline in sales since July 2008. In April the SMMT forecast that registrations would fall to just 153,000 units, adding that there would be a time lag before the full positive impact of the scrappage scheme would be felt.

“We are now beginning to see the positive impact of the scrappage scheme translate into new vehicle registrations,” a spokesperson for the organisation said.

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Following the pound’s recent comeback against the euro, British holidaymakers travelling to Europe this summer are in for more good news, as fuel prices have plummeted across the continent by up to 12% for unleaded petrol and as much as 31% for diesel, according to a recent Post Office survey.

Switzerland was cheapest for unleaded petrol at just 91p a litre. However, driving in Austria and Spain can work out even cheaper if you opt for a diesel-powered hire car. The cost of diesel is just 83p a litre in Austria and 87p a litre in Spain. Unleaded petrol in all three countries now costs around 34% less than in the Netherlands, the most expensive of 12 destinations surveyed by the Post Office.

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Customers who bank with Lloyds TSB will be able to check their balance on their mobile phone from today.

The bank’s “balance on demand” service, which it claims is the first such in the UK, is available to all Lloyds TSB banking customers. However, those who do not have a packaged account - which includes extras such as insurance for a monthly charge - will have to pay £2.50 for the service, which forms part of a “mobile banking pack”.

To use the service, customers must text BAL plus the last four digits of their current account to a special phone number. They are then sent a text stating their current balance and last six transactions. The texts are charged at the mobile operator’s normal rates.

The mobile banking service also allows customers to transfer money between accounts and set up text alerts to alert them when their balance has fallen below a certain level.

The cost of the service - £30 a year - has been met with criticism by some in the industry. However, Lloyds insists the service gives customers complete control of their money and helps them keep on top of their finances.

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More than a third of UK adults have admitted they are unable to convert different currencies into sterling when they go abroad and are overspending by a staggering £288 million a year on holiday as a result, a recent Post Office survey has revealed.

According to the report, 44% of holidaymakers don’t actually work out how much they are spending in sterling when they are abroad and 27% of people go over their budget on holiday.

One in five people prefer to go on holiday to places where they understand the currency, while 1.5 million holidaymakers actually avoid travelling to countries with unfamiliar currency, because they believe that working out how much everything costs will be difficult and stressful.

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