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 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…

The High Court Enforcement Officers Association (HCEOA) has welcomed the Government announcement that visits to residential properties to enforce debts owed to UK companies can restart from 24th August. High court enforcement agents will be re-starting visits at this time to residential properties in order to take control of goods. The restrictions on visits have…

More than 1.9 million mortgage payment deferrals have been offered to customers impacted by Covid-19 in the three months since the support was launched according to new figures from UK Finance which means that one in six mortgages in the UK are now subject to a payment deferral. UK Finance says that this means that…

Severe economic disruption caused by COVID-19 will see a short-term hit for the UK mortgage market, but payments holidays should keep it afloat and see growth from 2021, according data and analytics company GlobalData. GlobalData’s post-COVID-19 amended forecasts expect a decline of 1.3% in mortgage loans in 2020, down from 2.6% previously. Its overall compound…

Nationwide Building Society has announced that it will only lend to mortgage borrowers with a deposit of at least a 15%, scrapping its deal for those with 10% of the property’s value amid concerns about falling house prices in the wake of the coronavirus crisis. Nationwide, which before the pandemic offered loans where a deposit…

Firms must do more to ensure they are always giving appropriate advice to equity release consumers, a Financial Conduct Authority (FCA) review has found. Demand for later life lending has grown in recent years. With the option of no monthly payments, equity release is an attractive option for some – allowing consumers to benefit from…

The Insolvency Service has published its latest insolvency statistics which have shown a year on year rise in individual voluntary arrangements (IVAs) in England & Wales. In the three months ending May 2020 there was a monthly average of 7,899 registered IVAs. The figures show that there were 1,540 Debt relief orders and 739 bankruptcies…

The Finance & Leasing Association (FLA)  continues to call for the Government and the Bank of England to take immediate action to support the non-bank lending market, as new FLA figures released today show that the number of Covid-19 related requests for forbearance reached 1,623,000 (over 1.6 million) in the twelve weeks to 29th May…

The Financial Conduct Authority (FCA) has fined Lloyds Bank and its subsidiaries Bank of Scotland and The Mortgage Business £64,046,800  (over £64 million) after it was found to have failed its vulnerable mortgage customers. Failures were found in relation to their handling of mortgage customers in payment difficulties or arrears. The banks have estimated that…

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