New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes fall by 80% in May 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The severity…

The number of families with children at home who are struggling to pay their bills during lockdown has leapt to its highest level. According to comparethemarket.com’s Household Financial Confidence Tracker, 30% of parents with children at home found it difficult to meet their financial obligations over the past seven days. This represents a seven percentage point rise…

Which? is calling for action to help the most vulnerable after it found that more than a quarter could be at risk of going hungry because they have faced difficulty accessing basic food and essential groceries. With shielding measures due to end soon in some parts of the UK, the consumer champion is calling on…

A new study into the nation’s finances has shown that a fifth (20%) of consumers believe Coronavirus has been a financial wakeup call, with almost a third (30%) admitting they were unprepared money-wise for the situation. The research, conducted to mark the launch of Zopa’s bank, shows 38% of people are now likely to create…

Spending on non-essential items improved in May relative to the record fall seen in April, data from Lloyds Bank shows. Following April’s 42% year on year fall, the biggest on record, spending in May was down 32% giving hope to businesses that demand is still there. Whilst the lockdown was eased slightly in the month…

The Financial Conduct Authority (FCA) has confirmed that the credit card payments freeze could be extended for another three months for customers still suffering from the economic impact of coronavirus. After imposing a three-month pause on repayments for those struggling amid the fallout of the pandemic on the economy, the Financial Conduct Authority (FCA) has…

A survey of over 4,000 customers by Virgin Money found one in eight had called on their bank for help in the form of overdrafts and payment holidays on mortgages, personal loans and credit cards, the equivalent of about 8 million people. Virgin Money’s Financial Happiness report found that 1 in 4 (24%) of those…

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…

Households are increasingly struggling to make ends meet as the covid-19 pandemic crisis continues, with research suggesting a worrying increase in family debt. Research by the Institute for Fiscal Studies (IFS) shows that one in seven households are falling behind on repaying their mortgages due to the coronavirus pandemic. The study found that 1.4 million…

Parents are spending hundreds of pounds extra a month to take care of their children during lockdown. New data from comparethemarket.com’s Household Financial Confidence Tracker shows that 40% of families with children at home have spent more on their children during lockdown than they would normally. Of these, parents are spending an average of £52…

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