New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 4% in July, compared with the same month last year. Credit card and personal loan new business together grew by 3% compared with July 2018, while retail store and online credit new business remained stable. Commenting on…

New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market reported that volumes were up by 23% in July. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said…

Paragon Banking Group has announced that it will appoint Richard Rowntree as its new Managing Director (MD) of Mortgages, subject to regulatory approval. Rowntree will join Paragon from Bank of Ireland where he is Managing Director of UK Mortgages. Rowntree will take over the reins from John Heron when he retires early next year. He…

The Bank of Gran and Grandad is expanding its student lending as the new academic year gets underway at universities across the UK, new research from equity release adviser Key shows. More than one in three (35%) grandparents – around 4.9 million people – have already helped or are planning to help fund their grandchildren through…

The latest Mortgage Lenders and Administrators Statistics from the Bank of England show that the proportion of total loan balances with some arrears has fallen to its lowest level in 12 years. The Mortgage Lenders and Administrators Return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage…

Bereaved families who struggle with funeral costs are taking on an average of £1,990 debt to pay for a funeral, according to the 2019 Royal London National Funeral Cost Index. The total amount of funeral debt in the UK has risen to £147m, a 12% increase from last year. The report found 12% of people struggled…

Tesco Personal Finance (Tesco Bank) has confirmed the sale of its mortgage portfolio to Lloyds Banking Group for a cash consideration of c. £3.8 billion. Tesco Bank has over 23,000 mortgage customers. The mortgage portfolio has a lending balance of c.£3.7 billion and generated pre-tax profits of £9.1m in the 2018/19 financial year. As part…

The UK economy contracted by 0.2% in the quarter to June 2019, the first time since 2012 that GDP has fallen, but a clearer gauge on the impact of this can be seen by viewing it on a ‘per person’ basis, according to research by the Money Charity. Gross Domestic Product, or GDP, is the…

Spending on UK credit cards hit an all-time high in July according to new figures from the trade body for UK banking and financial services UK Finance The figures show credit card spending totalled £12 billion in July – the highest on record, an increase of 8.2% on July 2018. The findings may fuel fears…

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