The number of people using the funds from their 50+ mortgage for debt consolidation has doubled in the year to date compared with 2022, Hodge data has found. Hodge data analysts delved into its completion data and found that in 2022 7% of 50+ mortgage customers said they had used their funds for debt consolidation.…
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A new study from Nationwide Building Society has found that three in five households are now worried about their finances. The research also found that more than six in ten (62%) are currently worried about their personal finances and ability to cover essential costs, marking the first time it has risen since May. This was up…
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Almost a quarter of people feel anxious most (or all) of the time, and the levels of anxiety are growing – particularly among younger people. In many cases, it’s inextricably linked to financial problems according to analysis by Hargreaves Lansdown (HL). The most recent edition of the HL Savings & Resilience Barometer found that people…
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Around 7,000 UK businesses are likely to go insolvent every quarter in 2024 as high interest rates cause financial strain and the UK economy enters recession, according to a new report from The Centre for Economics and Business Research (Cebr). Cebr research showed that were over 6,700 business insolvencies in Britain in Quarter 2 2023,…
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Nearly a third of mortgage holders (32%) do not believe they will pay off their mortgage by the time they are 65, according to a survey by retirement specialist LV=. It has also being reported that HSBC has become the latest lender to increase its maximum mortgage term to 40 years, in response to rising…
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Here is an overview of The Money Charity’s latest statistics for August 2023 Personal debt in the UK People in the UK owed £1,842.6 billion at the end of June 2023. The average total debt per household, including mortgages, was £65,619 and per adult was £34,644, around 103.5% of average earnings. Net mortgage lending increased by £256…
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Research carried out by Opinium on behalf of Hargreaves Lansdown has found that only 61% of people said they thought it was a realistic prospect they could cover their bills in retirement. Less than a third (29%) thought they would not need to worry about money and less than half (45%) thought it was a…
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Latest analysis of Bank of England data has found that around 3.1 million households owe £2.7 billion in buy now, pay later (BNPL) borrowing. Research by Bank economists Gerry Gunner and James Waddell looked at a survey from March 2023 and found that 11% of UK households reported owing money on BNPL. The average balance…
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Latest research by Citizens Advice has found that 7.8 million people borrowed to pay their energy bills in first six months of 2023. A total of 46,431 people with energy debts contacted the charity for advice in the first six months of 2023, a 17% increase on the same period last year. Citizens Advice says…
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Ofgem has announced that its energy price cap will drop to £1,923 from 1st October 2023, a decrease of 7 per cent compared to April’s level but £646 higher than two years ago. The drop reflects further falls in wholesale energy prices, as the market stabilises and suppliers return to a healthier financial position after…
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Nearly one in three homeowners approaching the end of their fixed mortgage deals are taking extra work to boost their savings ahead of repayment rises, new data released by Indeed Flex. The company says with 800,000 fixed-rate mortgage deals set to expire in the latter half of 2023 — along with 1.6 million in 2024—…
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One in two working private renters in England, 3.2 million adults, wouldn’t have enough in savings to pay their rent for more than a month if they lost their job, new research by Shelter reveals. And shockingly, 2.2 million renters (34%) would be immediately unable to pay their rent from their savings if they lost…
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Almost half of households (46%) equating to 13 million consumers did not switch on their heating during cold snaps last winter in an attempt to save on their energy bills as the cost of gas and electricity soared new research by Which? has found. Almost nine in ten households (85%) tried to cut back on…
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