Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has significantly increased its enforcement actions, cancelling the authorisation of 1,261 firms and used its powers to intervene against 34 firms, who caused serious concerns, up 68% on 2022. The figures are more than double the previous year’s figure according to the regulators annual report. The regulator also said that it…
Read moreAs the Bank of England recently cut the base rate from 5.25% to 5%, new analysis by Compare the Market has found that homeowners on a standard variable rate (SVR) mortgage could save up to £330 a month by switching to a fixed rate deal, the equivalent of £3,960 a year. As interest rates have…
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The latest Barclays Property Insights report found that growth in rent and mortgage spending slowed to the lowest rate in 17 months, following the Bank of England’s base rate reduction on 1st August. In response, consumers are feeling more confident in their household finances, though some concerns around rent and mortgage affordability remain. Meanwhile, housing…
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Analysis of figures from councils across England by responsible lender, Creditspring, have revealed that over £57 million remains unclaimed from the Household Support Fund with just a month to go before applications to the scheme close. The Household Support Fund was first launched on 6th October 2021 and has been extended several times – with…
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The UK’s property equity has reached an unprecedented £5.7trn, driven by recovering house prices according to the Equity Release Council. This figure marks an increase from £5.4trn in the same period last year and surpasses the previous high of £5.6trn recorded in mid-2022. Total UK mortgage debt of £1.6tn compares with an overall property market…
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