The number of borrowers releasing equity from their homes has neared pre-pandemic levels in the second quarter of this year, according to the latest figures from the Equity Release Council (ERC). There were 20,352 new and returning customers in the market between April and June, a rise from 16,527 in Q1 2021 and 13,617 in…

Latest Bank of England (BOE) data has shown that mortgage borrowing hit a record monthly high in June, climbing to £17.9 billlon. This marks a 163% jump on the £6.8bn recorded in May. The increase came as buyers looked to complete deals before the stamp duty holiday started to taper. While the threshold at which…

Here is an overview of The Money Charity’s latest statistics for July 2021 Personal debt in the UK People in the UK owed £1,721.3 billion at the end of May 2021. The average total debt per household, including mortgages, was £61,933 and per adult was £32,544, around 108.7% of average earnings. Net mortgage lending rose by…

Tesco Bank has announced that all Tesco Bank Personal Current Accounts will close from Tuesday 30th November 2021. Tesco Bank’s Current Account was closed to new business in December 2019 and will now also close for existing customers. Tesco Bank will write to Current Account customers to inform them of the closure of their account…

New research byJuniper Research study has predicted that 53% of the world’s population will access digital banking services in 2026 reaching over 4.2 billion digital banking users, from 2.5 billion in 2021. The research identified increased digital transformation efforts as enabling banks to function effectively during the pandemic; justifying the benefits of digital banking and…

The Bank of England’s quarterly Credit Conditions Survey saw respondents say that the length of interest-free periods on credit cards, for both balance transfers and purchases, had increased in the previous three months, with further increases expected in the next three months. Mortgage availability also increased in the three months to the end of May,…

The Bank of England’s latest Financial Stability Report which sets out the Financial Policy Committee’s (FPC) agenda has urged banks to remember the pressures consumers and businesses still face despite the rapid rollout of a Covid-19 vaccine. The FPC also said that while businesses and individuals have emerged largely stable from the pandemic, there are…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 116% in May 2021 compared with the same month in 2020.  In the first five months of 2021, new business was 15% higher than in the same period in 2020. The retail store and online credit sector…

Here is an overview of The Money Charity’s latest statistics for June 2021 Personal debt in the UK People in the UK owed £1,714.4 billion at the end of April 2021. The average total debt per household, including mortgages, was £61,509 and per adult was £32,355, around 108.7% of average earnings. Net mortgage lending rose by…

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