IHS Markit UK has published its latest Household Finance Index which has shown that optimism in households has risen to a 12-month high in January. Whilst living costs continue to rise at a historically weak rate the report has found a deteriorating appetite for major purchases The Household Finance Index (HFI) – which measures households’…

The Competition and Markets Authority (CMA) has announced that it has extended the loyalty penalty deadline by six months to ensure regulators take effective action. The loyalty penalty – where companies penalise longstanding customers by charging them higher prices than new customers or those who renegotiate their deal – is  in response to concerns raised…

An increasing number of people aged over 65 are using equity release products to pay off debts and mortgages. Customer data from LV= shows that 27% of customers in 2019 used equity release to clear their mortgage, loans or debts compared to 15% in 2016. Helping family and friends has risen from 8% to 16%…

The Financial Conduct Authority (FCA) has found that over half of mortgage prisoners who would be eligible to switch to a new product using new rules published in late October last year are paying an interest rate of 3.5 per cent or lower. The FCA also found that It adds that of the 170,000 who are…

One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…

Latest data from UK Finance has shown an increase in remortgaging in November 2019. The figures show that there were 18,610 new remortgages with additional borrowing in November 2019, 5.7 per cent more than in the same month in 2018. For these remortgages, the average additional amount borrowed in November was £51,470. There were 18,470…

Paragon has appointed Richard Rowntree as Managing Director of Mortgages to spearhead growth across its mortgage businesses. Rowntree joins from the Bank of Ireland, where he was Managing Director of UK Mortgages and will be responsible for Paragon’s lending activities across buy-to-let, second charge and residential mortgages. Rowntree takes over from John Heron, who retired this…

Louisa Sedgwick has been promoted to Managing Director mortgages at Vida Homeloans. Sedgwick has been Director of Sales at Vida since its launch in 2016 and is well known in the mortgage industry, having recently become the first female chair of the Intermediary Mortgage Lenders Association. Sedgwick said: “In just three years Vida has successfully completed…

Credit card debts have fallen for first time since July 2013 according the latest Bank of England Money and Credit Banking statistics. The latest figures show that borrowers repaid £100 million in November, reflecting falling demand for consumer lending. The annual growth rate in unsecured consumer lending dropped to 5.7% from 6.1% in October, as…

According to new research by GoCompare, only 43% of consumers will start the new decade with their finances in good shape. Younger adults are the least optimistic about their finances.  Just 29% of 18 to 24-year olds and 26% of 25 to 34-year olds feel they are in good order.  In stark contrast, over half…

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