Latest figures from UK Finance show 1.82 million mortgage payment holidays have been issued as of 20th May 2020 – equivalent to one in six mortgages issued by lenders. UK Finance says Lenders have welcome the FCA’s draft guidance consultation published today, and the PRA’s related publication, on the next steps for those borrowers already on…

Homeowners struggling to pay their mortgage due to Coronavirus will be able to extend their mortgage payment holiday for a further three months, or start making reduced payments, in proposals published by the Financial Conduct Authority (FCA). The FCA has published new draft guidance today for lenders which will set out the expectations for firms…

Mortgage breaks taken by 1.6 million homeowners could cost them at least £821 million in extra interest according to new analysis. Research by mortgage broker L&C Mortgages has shown that the mortgage breaks taken by 1.6 million homeowners due to the COVID-19 pandemic could cost them at least £821 million in extra interest. Figures calculated…

Information services firm, Experian, has announced 9% rise in revenues, while profits have dipped slightly. The firm was driven mainly by double-digit growth in North America and Latin America, while UK & Ireland growth stood at 2%. Turnover for the year to 31st March came in at £4.22 billion, with profits dropping by 2% to £942…

A survey of customers by debt advice provider Financial Wellness Group has revealed how lockdown has impacted the finances of those already on a debt solution. Almost two-thirds of respondents (64%) had experienced a drop in household income since the lockdown started. The study shows the vital importance of the Government Job Retention Scheme: 38%…

IHS Markit’s UK household finance index has shown that overall perceptions of financial wellbeing in UK households recorded a score of 37.8 in May, representing a slight increase from the previous month’s eight-and-a-half-year low of 34.9. While the headline number did rise, it remained among the worst seen since the survey’s inception in 2009 and…

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…

Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…

Debt charity StepChange has warned that its clients in Scotland were already struggling to make ends meet before Covid-19 hit. The charity’s new report, Scotland in the Red, has revealed that a quarter of Scots were showing at least one sign of financial vulnerability in 2019. The report also paints a worrying picture of how…

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