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 point of sale (POS) consumer car finance new business volumes grew by 5% in July, compared with the same month in 2018, while the value of new business increased by 6% over the same period. The POS consumer new car finance market reported…

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…

Millions of motorists are overpaying on their car insurance by simply forgetting to switch provider every year. According to new research from comparethemarket.com, 16% of motorists – equating to over six million people nationwide – admit that changing car insurance providers when their policy comes to an end simply slips their minds. The annual cost…

Clever Lending has appointed two new directors to lead the specialist distributor’s ambitious plans for growth across the mortgage and lending market. Kevin Blount is now overseeing all operational aspects of the company as Director of Technical Operations, with Michelle Neville being responsible for delivering Clever Lending’s sales strategy as Director of New Business. Blount…

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…

Specialist consumer lender, 1st Stop Group Limited (1SG) has announced that it has increased its credit facilities with its current funding syndicate.  1SG’s main funders, Citibank, have agreed to increase its existing facility by a further £75 million to £225 million. This increase reaffirms Citibank’s support for 1SG in the near prime specialist finance sector. …

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