New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in July 2020 by 9% compared with the same month in 2019, and decreased by 23% in the first seven months of 2020. Retail store and online credit new business grew by 1% in July compared with the…

New figures released today by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes fell by 64%. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer & Mortgage Finance at the Finance & Leasing Association (FLA), said “The second charge…

Analysis by Halifax shows that the price of the average first home has increased by more than two-thirds in the last decade, jumping 69% from £142,473 in 2010 to £241,025 today. In the same period, the average house price has only risen 33%. The report also shows that the number of first-time buyers has fallen…

Consumer credit technology specialist EQ Credit Services will offer mortgage services as an end-to-end loan servicing platform, to banks, building societies and other specialist mortgage providers as part of its new launch called EQ Mortgage Services. The service will see clients move to its API-led platform – EQ Borrowbox – and supported by a team…

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…

A Standard Life Foundation study of national survey of household finances has shown that of the 3.7million households in the UK granted a bill ‘payment holiday’, over six in ten are already facing financial difficulties and will struggle to repay their debts when these arrangements end. For many, these payment holidays will cease on 31st…

Household’s borrowing returned to pre-pandemic levels with £3.9 billion net borrowing in July, with increases in both mortgage borrowing and consumer credit, according to the latest Bank of England figures. Household’s consumer credit borrowing increased £1.2 billion in July, following four months of net repayments. The interest rate on new consumer credit borrowing increased 22…

The government has announced new legislation meaning that landlords must now give tenants six months’ notice before they can evict until March 2021, except in the most serious of cases, such as incidents of anti-social behaviour and domestic abuse perpetrators. The stay on possession proceedings has been extended until 20 September, meaning that in total…

The Bank of Mum and Dad (BoMaD) will be a driving force behind the recovery of Britain’s housing market as buyers struggle with the economic impact of the COVID-19 crisis, new research from Legal & General and Cebr shows. Nearly one in four housing transactions (23%) will be backed by ‘BoMaD’ in 2020, with a…

As the ban on evictions ends in just over three weeks, six leading organisations representing tenants, landlords and letting agents have united to urge the government to provide financial help to private renters plunged into ‘Covid rent arrears’ through no fault of their own. The coalition, which includes Shelter, the National Residential Landlords Association, ARLA…