Latest Bank of England of England data has reported that lenders have seen mortgage defaults rose in the three months to the end of September and are expected to do so again in the last three months of 2024. The recent rise in default rates was lower than the banks had expected. However, in the last…
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New figures released by the Finance & Leasing Association (FLA) has shown that second charge mortgage new business volumes grew by 16% in August 2024 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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New research by Aegon has shown that younger generations of adults may no longer be able to rely on the so-called ‘Bank of Mum and Dad’ as patterns of wealth across generations evolve. The trend of 20- and 30-year-olds being financially supported by their parents is set to go into reverse – as a clear…
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7.7 million households in England are at risk of fuel stress this winter, including the majority of families with children. The Government will therefore need to do more to support vulnerable households who are no longer eligible for Winter Fuel Payments (WFP) and those who never have been, according to new research published by the…
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According to Compare the Market’s latest Household Financial Confidence Tracker, over one in ten (13%) admit they are not confident in their ability to meet their mortgage repayments over the coming months. 57% of mortgage holders say they are unlikely to switch their mortgage to a new deal while rates remain at current levels. By contrast,…
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Here is an overview of The Money Charity’s latest statistics for September 2024 Personal debt in the UK People in the UK owed £1,860.6 billion at the end of July 2024. The average total debt per household, including mortgages, was £65,515 and per adult was £34,457, around 95.8% of average earnings. Net mortgage lending increased by…
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New research released by KPMG has provided insight into whether consumers would reduce some of the buying and saving behaviours that have become more prevalent during the cost of living crisis, if they had more disposable income available to spend. KPMG’s research was keen to explore whether consumers would still continue the same actions, even…
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Latest figures from Ofgem show energy debt levels have broken records again, with £3.69bn now owed. Debt charity, Money Advice Trust has highlighted the need for urgent debt help with energy arrears breaking record levels. The figures come ahead of the latest energy price cap increase, which comes into effect on 1st October, when energy…
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More than half (57%) of households with children have not taken significant action to save more than £100, despite many seeing their household bills increase recently according to Compare the Market’s latest research. To combat rising prices, households could save up to £756 by switching their car and home insurance through price comparison sites. Nine…
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Almost two in five (37%) 18–24-year-olds who are already in debt are struggling to pay it off, according to a two year-study by Fair4All Finance. The research found that over the last year, 29% of 18–24-year-olds say they have taken on more debt, and a worrying 22% say they have had an application for a…
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New research commissioned through YouGov by StepChange Debt Charity of UK adults (of whom 185 live in Scotland) has revealed two in five (41%) Scots have found it difficult to keep up with bills and credit commitments in the last few months. This is up by twelve percentage points year-on-year, from three in ten (29%)…
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An organisation providing free debt help has warned it is seeing a concerning change in how buy now, pay later (BNPL) is being used. Money Wellness says it has seen a threefold increase in the number of people seeking debt help with BNPL debts over the past 12 months. But the most significant change is…
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New research by SunLife has found that millions of people could be left struggling to achieve a ‘minimum’ standard of living if the state pension age rises earlier. The research found that 24% of retirees are living on the state pension alone. If the state pension age were to rise to 68 earlier, millions could…
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