Annual energy bills for a typical household are expected to fall at least £150 from October, according to new figures from Cornwall Insight. The research suggests that he energy price cap will drop to £1,925 when announced by regulator Ofgem next week, down from £2,074 for the current period, from July to September. Dr Craig…
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Research from credit management company Lowell, has discovered that over three-quarters of students (77%) develop personal debt problems while at university. But, are students educated on the potential consequences of short-term borrowing? The average annual percentage rate (APR) on a payday loan (a short-term loan) could be up to 1,500% – compared to a typical…
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New analysis by the Financial Conduct Authority (FCA) has found that one in ten interest-only mortgage holders might be ‘overly optimistic’ about repaying their debt when the time comes. The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new Financial Conduct Authority analysis has found. The fall is a result of…
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The Co-operative Bank has announced that it has purchased the mortgage portfolio of Sainsbury’s Bank for £464 million. The sale marks Sainsbury’s Bank’s formal exit from the UK mortgage market, with it having ceased new lending in 2019. The portfolio contains around 3,500 customers and is worth nearly £480 million. Sainsbury’s Bank will transfer its mortgage customers to Co-op…
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Latest GDP figures have shown that the economy grew 0.5% in June and 0.2% between April to June according to official data from the Office for National Statistics (ONS). The ONS said the struggling manufacturing sector has experienced a modest rebound in the second quarter and that the economy benefitted from the effects of May’s…
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New Ministry of Justice data has shown the number of households removed from their homes by court bailiffs as a result of no-fault evictions is up 41% in one year in England. Between April and June 2023, 2,228 households were evicted by bailiffs because of a Section 21 no-fault eviction, up from 1,578 households since…
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Latest data from UK Finance for Quarter 2 (Q2) has found that arrears and possessions data shows that there were 81,900 homeowners in arrears of 2.5 per cent or more of their outstanding balance. Mortgages in arrears accounted for 0.93 per cent of all homeowner mortgages outstanding. UK Finance predicts that this figure will remain…
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Latest figures from the Finance & Leasing Association (FLA) show. that second charge mortgage lending returned to growth in June. However, quarterly lending fell by 9% by volume and 10% by value compared to the same quarter in 2022. The number of new agreements stood at 32,575 over the past year, an increase of 5%…
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As the UK’s economic outlook remains uncertain and the cost of living crisis persists, financial advisers are seeing significant changes in their clients’ behaviour, with many withdrawing funds to plug the shortfall or opting for a more cautious approach to their finances, according to a recent survey by AKG, sponsored by Standard Life. Close to half…
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New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
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Almost four in ten (39%) households with children at home are not confident that they will be able to afford their energy bills over the next six months, according to Compare the Market’s latest Household Financial Confidence Tracker. This compares with just below one fifth (18%) of those households without children at home. Concern over…
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The number of households missing essential payments has risen to 2.4 million, in line with the high levels seen last winter according to analysis by Which? Which’s July consumer insight tracker found that 2.4 million households missed or defaulted on an essential payment – such as a housing, bill, loan or credit card payment –…
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Latest quarterly figures from the Insolvency Service for England & Wales have indicated that personal insolvency has dropped to 11%. its lowest quarterly level since Quarter 3 (Q3) 2020, heavily fuelled by a reduction in IVA registrations in the quarter. The figures showed that there were 26,390 individuals entering either bankruptcy (1,826) a debt relief order…
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