UK Finance’s Household Finance Review for Quarter 2 has highlighted that lenders have maintained a cautious approach to underwriting in uncertain times with higher-loan to value (LTV) lending is still taking place and contracted less than the wider market. House purchase lending plummeted in Q2 as the housing market was suspended due to lockdown, with…

The economic impact of the coronavirus crisis has been far-reaching with millions of people unable to work due to lockdown restrictions.  New research shows that nearly a third (31%) of UK adults have seen their income cut as a direct result of the crisis. The research, commissioned by GoCompare Money, reveals that 8% of people are…

Strong car finance application figures and a surge in people searching for deals online have given motor traders a boost as the new ‘70’ plate launches, according to latest figures from Experian. Car finance applications rose to 597,000 between 1st July to  24th August, a 24% increase on the 481,000 recorded in the same period…

Credit card pre-approval rates have doubled in the last month, according to new insights from Experian’s Credit Barometer. Half (50%) of consumers searching for a new credit card through Experian’s price comparison service will now be shown a card they are pre-approved for, meaning their application should be successful. Economic uncertainty during the COVID-19 pandemic…

Loans Warehouse has announced that it has gained full authorisation from the Financial Conduct Authority (FCA) for Regulated Bridging activity. The approval will enable the company to operate in the regulated bridging market and to further increase its product range and reinforce its reputation as one of the country’s innovative brokerages.   Matt Tristram, Co-Founder of…

New insights from Experian’s Credit Barometer suggests consumers’ chances of getting approved for credit are now 60% higher than at the start of the COVID-19 lockdown Consumers now have a wider choice of credit cards and loans, because more lenders are returning to the market as the COVID-19 lockdown restrictions ease. Around half of lenders…

The Bank of England’s latest money statistics has indicated that despite an increase in mortgage borrowing there was still a significant net decline in consumer credit. The statistics indicate that the amount consumers owed on credit cards and loans fell by a record amount over the last 12 months. A slump in borrowing and spending…

The Financial Conduct Authority (FCA) has set out new best practice guidance for firms to do more to protect vulnerable consumers. The second consultation is its revised guidance for firms on the fair treatment of customers in vulnerable circumstances, alongside new research on the experiences of vulnerable consumers. More than 24 million people display one…

The Financial Conduct Authority has announced that it will introduce a ban on discretionary commission models. The ban, follows a consultation in October 2019. Currently, some car retailers and motor finance brokers receive a commission that is linked to the interest rate that customers pay – creating an incentive to sell more expensive credit to…

The Financial Conduct Authority has launched its updated Financial Services (FS) Register – including a simpler design and clearer language. The redesign aims to help consumers protect themselves from harm and will provide a better experience for the Register’s users. The Register – which had more than 7 million unique users in the past year…