Paying upfront for a car is increasingly falling out of favour with UK drivers according to research from Close Brothers Motor Finance. In the past year, the proportion of drivers saying they will opt for finance, leasing or renting for their next car has increased by 15% (from 37% in 2018 to 43% now). While…

Relentless change is the only constant in UK mortgage criteria according to analysis Knowledge Bank The research by the criteria specialist reveals that the top five most searched-for criteria by brokers have changed every single month in each of the eight lending types on Knowledge Bank over the past twelve months. This equates to 96…

New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market reports volumes up by 24% in April. Commenting on the April 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “In…

Consumer credit increased by £0.9 billion in April, in line with the monthly average increase since July 2018. The annual growth in consumer credit continued slowing, to 5.9% from 6.4% in March – its slowest rate since 2014 – as households limited spending on credit cards and cut back on finance deals. The figures highlighted…

Here is an overview of The Money Charity’s latest statistics for May 2019: Personal debt in the UK People in the UK owed £1,633 billion at the end of March 2019. This is up from £1,588 billion at the end of March 2018, an extra £852.40 per UK adult over the year. The average total debt per…

The Financial Conduct Authority (FCA) has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. TPR would allow EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a…

Visa’s UK Consumer Spending Index, compiled by IHS Markit, pointed to a further marginal decline in overall household spending at the start of the second quarter. Expenditure fell -0.5% on an annual basis during April, which was slightly quicker than the -0.2% reduction seen in March. Consumer spending has now fallen in each of the…

The latest UK card stats reveal that the growth in credit card spending is down to 4.9% in February. In February 2018 the corresponding figure was 8.3%. However, the use of credit cards continues to increase as a payment method in the UK. There were 246 million transactions on cardholders’ credit cards in February 2019,…

The Financial Ombudsman Service (FOS) has released its latest complaints data which shows that complaints against high-cost short term loan providers (payday lending) rose by 130% in March. High-cost short term lending complaints accounted for 39,715 of the new disputes. FOS said the surge of complaints in the sector contributed to a 14% rise in…

Three in ten (28%) consumers ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes. One in six consumers (17%) spent up to £100 more than they received in income over the past month; 7%…

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