Credit, Collections & Insolvency News
Soaring rent prices are increasingly pushing young people into debt, according to new research from Creditfix. New data from the personal insolvency provider has shown a significant rise in the number of renters under the age of 45 seeking support for unmanageable levels of debt. Individuals under the age of 45 now account for almost three quarters…
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Mortgage holders are repaying record amounts of mortgage debt in the higher interest rate environment, according to the Equity Release Council’s Autumn 2023 Market Report. The report says high levels of debt and a lack of pension savings make it increasingly likely that homeowners will need to borrow against the value of their properties in…
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A Bank of England survey of lenders shows that mortgage defaults have risen at their fastest pace since 2009. The Bank’s research through its Credit Conditions Survey shows that the net percentage balance of defaults on secured loans to households jumped from 30.9% to 43.3% over the previous quarter, indicating that defaults had increased sharply…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes fell by 15% in August 2023. 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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New research by Rightmove has found that supply shortages and mortgage rate rises have combined to push the cost of private home rents up by 10% over the past 12 months. The average rent for new properties being put on the market now stands at a record £1,278 per calendar month outside London in the…
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Here is an overview of The Money Charity’s latest statistics for September 2023 Personal debt in the UK People in the UK owed £1,843.8 billion at the end of July 2023. The average total debt per household, including mortgages, was £65,661 and per adult was £34,666, around 100.3% of average earnings. Net mortgage lending increased by…
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Mortgage holders are taking new steps to manage their finances to cope with higher monthly payments and adapting their spending due to inflation, new KPMG research has found. Faced with either the immediate reality or prospect of higher mortgage rates, 1096 mortgage holders were asked whether they have either already taken, or are considering taking,…
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An estimated seven million households are struggling to keep up with their rent or mortgage payments, with millions more at risk of tipping into financial difficulty by the end of 2024 as they remortgage at higher rates according to analysis by Which?. A survey of 4,000 people found nearly half of households (46%) with mortgages…
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Housing costs are a source of concern to many, yet around two in five people would potentially feel reluctant to discuss their budget pressures with their landlord or mortgage lender, according to new research in a new poll of adults, conducted by YouGov on behalf of StepChange Debt Charity. The research found that two fifths…
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One in four people in the UK (27%) are currently behind on at least one bill with Citizens Advice warning the situation only looks set to deteriorate in the coming months. The research estimates household debt, covering things like essential bills and benefit repayments sits at £22 billion. But the charity warns the true figure…
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Latest Bank of England figures have indicated that the value of mortgage arrears jumped by almost a third (29%) in April-June compared with the same period in 2022, with the total value of outstanding mortgage debt at £16.9 billion, the highest total since 2016. New arrears cases equated to 16% of the total outstanding mortgage…
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One in every five households in England (4.8 million) will be forced to spend more than a third of their income on housing by the end of the next parliament unless politicians commit to a long-term plan to fix the housing crisis, according to a new report by Pragmatix Advisory on behalf of the National Housing Federation…
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Latest figures from the Finance & Leasing Association (FLA) show that second charge mortgage lending fell by 14% in July. 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 charge mortgage…
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