New figures released by the Finance & Leasing Association (FLA) second charge mortgage new business volumes grew by 17% in February 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 “The second…
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New research from the Financial Conduct Authority (FCA) has found that while many are struggling to meet financial commitments with 7.4 million people were struggling to pay bills and credit repayments in January 2024, down from 10.9 million in January 2023. This is still higher than the 5.8 million recorded in February 2020, before the…
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The number of households seeking help to deal with court action over their unpaid energy bills has doubled in the last year, according to Citizens Advice. Citizens Advice said while the numbers affected are small at the moment, the number of people it helped who received a county court judgement (CCJ) from their energy supplier…
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Latest figures from UK Finance have shown that there was a substantial jump in the number of Buy-to-let (BTL) mortgages in arrears of 2.5 per cent or more of the outstanding balance – this was 123.9% higher year on year to 13,570 in Quarter 4 (Q4) 2023. However, UK Finance points out that only 0.68%…
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The annual cost of household bills is predicted to drop by £350 on average year-on-year in April 2024, according to new research by Compare the Market. The research analyses the cost of energy, water, home insurance, motor insurance, and council tax. It reveals that the combined cost of these household bills is set to decline…
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The UK’s largest specialist mortgage lenders are accounting for a 22% increase in Expected Credit Loss (ECL) provision as mortgage defaults spike, according to a new report from AI powered transaction analytics firm, Fuse. Analysis of the most recent financial statements of ten of the UK’s largest specialist mortgage lenders indicate that lenders are accounting…
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New research by CreditSpring has found that 6.7 million young people (aged 18-34) across the UK don’t know that using buy now, pay later (BNPL) can lead to debt. The research showed that mearly half (46%) of young people remain unaware BNPL can lead to debt, much higher than the 35% UK average. BNPL is…
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Here is an overview of The Money Charity’s latest statistics for March 2024 Personal debt in the UK People in the UK owed £1,838.7 billion at the end of January 2024. The average total debt per household, including mortgages, was £65,479 and per adult was £34,570, around 99.1% of average earnings. Net mortgage lending increased by…
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Latest analysis by StepChange Debt Charity has revealed that there is growing financial insecurity among its clients, with the average person coming to the charity for help having more debt and less money to pay towards it each month. The findings also showed that the average amount of unsecured debt has reached its highest level…
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New official household income statistics released IFS funded by the Joseph Rowntree Foundation and the abrdn Financial Fairness Trust has found that the real incomes of the poorest third of households were roughly the same in 2022-23 as in 2019-20, despite the Covid pandemic and the cost of living crisis. But other measures of material…
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A survey by the Royal College of Nursing (RCN) has found that 77% say they are worse off than a year ago. The findings from the survey reveal a nursing workforce struggling desperately with living costs, with more than three quarters (77%) saying they are financially worse off than 12 months ago. Over two thirds…
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A new survey by credit management company Lowell revealed that British Gen Z adults owe on average £5,069 of debt, with 13% owing more than £10,000, a further 61% of people admitting financial decisions they have made are already starting to affect their future goals. With almost half (48%) of Gen Z outlining credit card debt as their main…
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Debt difficulties may be a reality for the majority of households, but even this isn’t enough to stop many struggling in silence and running the risk of spiralling into persistent problem debt, according to research by Fair4All Finance, the not-for-profit financial inclusion organisation. The research on the hidden impact of the cost-of-living crisis reveals widespread…
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