The Bank of England’s latest money statistics reports that households repaid more loans from banks than they took out. A £4.6 billion net repayment of consumer credit more than offset a small increase in mortgage borrowing. Approvals for mortgages for house purchases fell further in May to 9,300. The repayments on consumer credit dropped to…

A new affordability checking service which uses Open Banking data to enable lenders to make more accurate real-time credit decisions on consumers has been launched. RealCheck, uses bank data to help consumers understand what they can truly afford to borrow, and then access accurate loan rates appropriate to the customers’ circumstances at that time. In…

The impact of the Coronavirus on the lives of consumers may lead them to consider consolidating loans to pay off debt leading to a healthier financial situation. according to analysis by Moneyfacts.co.uk The company says that despite a drop in base rate by the Bank of England, interest rates on unsecured personal loans are starting…

Families with children at home during the coronavirus lockdown are turning to payment holidays to help them through the crisis. According to comparethemarket.com’s Household Financial Confidence Tracker, fewer than one in ten (9%) households without children at home say they have taken a payment holiday, but this figure leaps to over a fifth (21%) among…

The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2020 by 16% compared with the same month in 2019, and contracted by 4% in Q1 2020 as a whole. Credit card and personal loan new business together fell in March 2020 by 10% compared with…

New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in March 2020 by 27% compared with the same month in 2019, and by 13% in Q1 2020 as a whole. The consumer new car finance market reported new business volumes 29% lower…

Families are coming to terms with the fact that their finances could be negatively affected by the coronavirus pandemic long after the lockdown lifts. According to the second week of comparethemarket.com’s Financial Confidence Tracker, over two thirds (67%) of households with children at home think the economic impact of the pandemic will have a long-term…

The Bank of England had published its latest banking statistics which have indicated that mortgage approvals for house purchase fell to 56,200, their lowest level since March 2013. House purchase decreased by 24 per cent from almost 74,000 in February, hitting their lowest level for seven years. The Bank of England data shows that while…

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