More than half of new mortgage borrowers do not expect to pay off their loans before they turn 65, according to a recent study. Research published by UK Finance said longer mortgage terms coupled with the ageing population was driving a trend towards borrowing later in life. Some 52% of new homeowner mortgage lending in…

UK Finance and the Building Societies Association are calling for important changes to be made to the Support for Mortgage Interest (SMI) scheme to help struggling homeowners as the furlough scheme draws to a close. SMI is a government loan scheme that helps homeowners who are in receipt of benefits1, but as it stands, they…

New research by GCA Altium has indicated that the UK debt market hit record heights in the first half of 2021. The research showed that a record number of refinancings and recapitalisations were completed in the first half of 2021 in the UK. Data provided by the firm’s MidCapMonitor identified that over the course of…

House purchase lending volumes in June reached the highest monthly level on record, with Q2 2021 house purchase the highest quarterly figures in 13 years according to UK Finance’s latest Household Finance Review. The Q2 Review also highlights that credit card spending and personal loan take-up have increased as the hospitality and entertainment industries reopened…

Outside of mortgage borrowing, consumers borrowed no additional consumer credit in July, according to Bank of England (BOE) figures, with the sum households paid back roughly equivalent to what they were loaned. The figures compare with an average of £1.2 billion of consumer credit borrowed per month in the two years to February 2020. Economists…

Payments using contactless cards have increased as the UK emerged from lockdowns and consumers started spending again according to latest UK Finance figures. The number of purchases made in May via contactless technology doubled compared with the same month a year earlier and was up 50% in May 2019 as contactless payments accounted for 49…

Self-employed people are pessimistic about their chances of securing a mortgage while four in ten say they have been forced to turn their backs on being their own boss to improve their chances according to the latest research by The Mortgage Lender. The research among 1,000 UK-based self-employed people, who either own their home or…

Specialist equity release and lifetime mortgage brokers, KIS Finance says that it has seen enquiries for equity release increase by 110% when comparing the first half of 2019 to the first half of 2021. The company’s analysis indicated that the number of enquiries for equity release and lifetime mortgages was steady throughout 2019, then increased quickly during…

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