Credit, Collections & Insolvency News
Worries about housing costs have hit the highest levels ever recorded by Which?’s Consumer Insight Tracker, as interest rates are widely expected to rise further. The Insight Tracker recorded highest levels of concern around housing costs – with four in five mortgage owners (79%) and 4 in 5 renters (81%) saying that they were worried…
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As interest rates rise, mortgages in London postcodes are at the highest risk of default, according to a new analysis by Mazars. The analysis found that 19 out of the top 20 postcodes with the most risky mortgages, defined as loans at least 4.5 times the borrower’s earnings, were in London. South West London dominated…
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In England, a no-fault eviction notice drops through the letterbox of an older private renter every 16 minutes, new research from Shelter reveals. The housing charity’s research, conducted by YouGov and funded by The Co-operative Bank, shines a spotlight on the struggle older renters face in keeping a roof over their heads. Nearly three in…
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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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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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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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Private landlords are more than twice as likely to sell properties than they are to purchase them, according to new research by the National Residential Landlords Association (NRLA) The research for Q2 2023 showed that over one in ten (12%) of landlords in England and Wales sold properties. In contrast, only 5 per cent purchased…
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New data from Equifax has found that four in ten (41%) of live mortgages are held by customers who will be beyond retirement age (66+) at maturity, with over a quarter of these are held by those who will be over 70 at maturity. Of the identified group of UK mortgage borrowers whose loans will not…
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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 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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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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