The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…
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New research from Moneyboat has found that six in ten (60%) of adults are worried about the effects an unexpected cost would have on their savings, with 23% of adults stating that they aren’t confident that they currently have enough saved to pay for one should it arise. The research also showed that nearly a quarter…
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New research by Compare the Market’s latest Household Financial Confidence Tracker has found that almost half of people (45%) admit they need to dip into their savings around three times per month to afford everyday living costs, despite optimism about their household finances. Over half (61%) feel more optimistic about their finances compared to this time…
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A sharp rise in debt repayments was recorded in April as cost-of-living pressures continue to bite according to research by Nationwide. The data showed that customers repaid unsecured debts of £735 million in April – a 25 per cent year-on-year rise, while the number of transactions to debt repayment increased by 14 per cent. Many…
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The Financial Conduct Authority (FCA) has fined HSBC and Marks and Spencer Financial Services £6,280,100 for failures in treatment of customers who were in arrears or experiencing financial difficulty. The investigations found that between June 2017 and October 2018, HSBC failed to properly consider people’s circumstances when they had missed payments. This meant it did…
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New research by KPMG and charity National Numeracy, has found that one in five adults feel that their fear of numbers is hindering their financial progress, with one in five (19%) stating that the cost of living crisis has highlighted their weakness. The study of 3,000 people revealed that 20 per cent of the UK…
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New research by Hodge has found that more people are borrowing into their retirement to help out with debt consolidation and meet day to day living costs. The research found that over two thirds of brokers say lending up to and into retirement in the UK is changing, with greater numbers borrowing into their retirement…
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Latest ONS figures out have revealed that average UK private rents increased by 8.9% in the 12 months to April 2024. StepChange Debt Charity says this will create more worry among private renters as the Renters (Reform) Bill, currently making its way through the House of Lords, does not address rising affordability concerns. The ONS…
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New research conducted by YouGov on behalf of StepChange Debt Charity reveals that one in four (24%) adults have recently used a form of credit to pay for essentials such as household costs and groceries. StepChange’s analysis estimates this is the equivalent of 13 million people. Analysis shows among the one quarter (24%) of UK…
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Mortgage and landlord possession volumes in the first quarter of 2024 have increased when compared to the same quarter last year new Ministry of Justice (MoJ) figures have shown. Mortgage possession actions have continued their gradual upward trend with mortgage claims at their highest since 2019. Compared to the same quarter in 2023, mortgage possession…
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Over 3 million people across the UK admit they have been forced to borrow from illegal lenders in the last 12 months, reveals research from responsible lender Creditspring. A third (31%) of people in the UK say they currently feel stuck and that there is nothing they can do to improve their financial situation, this…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 5% in March 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), said…
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The number of homeowner-mortgaged properties being repossessed in the first quarter of 2024 increased by 36% compared to the previous quarter, according to UK Finance. Buy-to-let mortgaged properties also saw a 20% increase in repossessions. The rise in repossessions is largely attributed to older cases working through the court system. In the first quarter of 2024,…
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