21st June 2022 - Credit Connect

Asset finance new business falls by 16%

21st June 2022 Asset Finance | #asset finance

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in April 2022 by 16% compared with the same month in 2021. In the first four months of 2022, new business was 1% higher than in the same period in 2021. The…

Second charge mortgage new business increases by 48%

21st June 2022 Arrears and Recoveries | #second charge mortgages

New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 48% in April 2022 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…

FPC confirms mortgage affordability test withdrawal

21st June 2022 Consumer Lending | #mortgage affordability

The Financial Policy Committee (FPC) has confirmed that it will withdraw its affordability test Recommendation. The change will come into effect from 1st August 2022. Introduced in 2014 the test specifies a stress interest rate for lenders when assessing prospective borrowers’ ability to repay a mortgage. The other Recommendation, the loan to income (LTI) ‘flow…

UK business lost £23m in turnover during the pandemic

21st June 2022 Commercial Credit Management |

New research from the ONS has indicated that UK businesses lost £23 million in turnover during the pandemic Despite the hard hit, UK business bounced back in 2021 with the highest count of new businesses in over four years. The first quarter of 2021 recorded the highest number of new businesses since the first quarter…

Government proposes new rules for BNPL

21st June 2022 Alternative Consumer Lending | #BNPL

The Government has announced new plans for the regulation of Buy Now Pay Later (BNPL). Under the new rules lenders will be required to ensure loans are affordable and rules will be amended to ensure advertisements are fair, clear and not misleading. The Government will expand rules to cover other forms of unsecured short-term credit…

Cambridge & Counties Bank appoints new Head of Asset Finance

21st June 2022 Appointments |

Specialist lender Cambridge & Counties Bank has appointed Glen Christie-MacAllan to the role of Head of Asset Finance. Christie-MacAllan replaces Simon Hilyer, who is moving to a new role within the bank developing our broker-based offering. He has extensive experience in the asset finance sector, having worked in the market for over 20 years. Prior…

Consumer finance new business grew by 21% in April

21st June 2022 Consumer Lending |

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 21% in April 2022 compared with the same month in 2021. In the first four months of 2022, new business was 30% higher than in the same period in 2021. The credit card and personal loan sectors…

Quantuma and Lightbulb Credit announce partnership

21st June 2022 Business |

Business advisory firm, Quantuma, has announced that it has partnered with the UK’s first corporate credit ratings advisory service, Lightbulb Credit, to expand the range of support it can offer to the professional advisory community and their clients across the UK. Lightbulb is the UK’s only advisor offering businesses the opportunity to review, better understand,…

Consumer car finance new fell by 1% in April

21st June 2022 Consumer Lending | #motor finance

New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2022 by 1% compared with the same month in 2021. The corresponding value of new business grew by 12% over the same period. In the first four months of 2022, new business volumes were…

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