28th May 2025 - Credit Connect

Half a million homeowners face £510 mortgage rate increase

28th May 2025 Consumer Lending | #mortgage cost increase

New research by Compare the Market has shown that 469,192 homeowners who took out mortgages in 2020 are facing a substantial increase in monthly payments as they come off five-year fixed-rate deals that had an average interest rate of 2.11%. Any of these homeowners who move onto their current lender’s standard variable rate (SVR) could…

Retail confidence hits five year low

28th May 2025 Commercial Credit Management | #retail confidence low

British retailers are experiencing their steepest decline in confidence in five years, primarily due to Rachel Reeves’ £26bn tax raid and the uncertainty from Donald Trump’s trade war. According to the Confederation of British Industry (CBI), retail sales have dropped 27% year-on-year from May 2024, with expectations of a further 37% decline in June. Sentiment…

Over £1.17bn lost to fraud in 2024

28th May 2025 Consumer Lending | #fraud

Britain’s financial sector reported 3.31 million fraud cases in 2024, marking a 12% increase from the previous year, according to latest UK Finance data. The surge resulted in £1.17 billion being stolen, unchanged from 2023. Fraud accounts for 41% of all reported crime in the country. Banks prevented £1.45 billion of unauthorised fraud through advanced…

Overdue invoices in Scotland drop to 2025 low

28th May 2025 Commercial Collections and Recoveries | #late payments

The number of overdue invoices on the books of Scottish businesses dropped to the lowest level in 2025 so far in April, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows Scottish businesses had a total of 602,822 overdue invoices on their books in…

Over a third of don’t know how much interest their account earns

28th May 2025 Consumer Lending | #savings

Over a third (35%) of people say they don’t know how much interest their current or savings account earns, according to research from savings app, Spring. The findings come as the UK inflation rate jumped to 3.5% in April – the highest in more than a year – eating away at the potential savings of…

Afin Bank appoints new Head of Finance

28th May 2025 Appointments | #appointments

Afin Bank, the specialist lender created to help underserved Africans and other diaspora communities living and working in the UK to get mortgages, has announced that it has appointed Peter Hale as Head of Finance. Hale was previously Head of Finance at FCMB Bank UK, part of a Nigerian based banking group, a part of…

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