Credit, Collections & Insolvency News
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…
Read more
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…
Read more
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…
Read more
Here is an overview of The Money Charity’s latest statistics for July 2023 Personal debt in the UK People in the UK owed £1,840.1 billion at the end of May 2023. The average total debt per household, including mortgages, was £65,529 and per adult was £34,597, around 103.3% of average earnings. Net mortgage lending increased by…
Read more
An increasing number of mortgage holders are unable to make ends meet as their essential costs soar and interest rate rises start to bite according to research by Citizens Advice. Mortgage holders who’ve had detailed budgeting help as part of Citizens Advice’s debt advice process have gone from being one of the most protected groups…
Read more
The joint second largest fall in inflation since the start of the century in June – exceeding market expectations – will ease the pressure on further interest rate rises, and has ended the UK’s 18-month period of falling real wages, according to the Resolution Foundation. CPI inflation fell from 8.7 per cent in May to…
Read more
New data from StepChange Scotland has revealed that around one in five (19%) mortgaged clients were in mortgage arrears in the second quarter of this year, up from almost one in seven (15%) in the second quarter of 2022. This is alongside a year-on-year rise in the proportion of mortgaged clients, which is up from…
Read more
Almost a third of people are struggling to afford their mortgage repayments, new research from the Office of National Statistics (ONS) statistics have shown. The survey showed that 43% of renters and 28% of mortgage holders say they are struggling to keep up. The difference between renters’ and mortgage holders’ likelihood of experiencing some form…
Read more
New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage lending fell by 9% in May 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 “May…
Read more
A new poll from Savanta, commissioned by the Liberal Democrats, has found that one in two mortgage borrowers fear losing their homes as a result of interest rates growth. The poll found that 46% of mortgage borrowers worried about losing their home with six in ten mortgage borrowers worried about cutting down on food bills…
Read more
Chancellor of the Exchequer Jeremy Hunt agreed a new action plan with regulators to try to ensure consumers are being treated fairly and help those struggling to make payments. As part of the government’s plan to halve inflation this year, the Chancellor chaired a roundtable with CEOs from the Competition and Market Authority (CMA), Financial…
Read more
According to research from the National Institute of Economic and Social Research (NIESR), by the end of the year 1.2 million households or 4% of all UK households, will run out of savings as a result of higher UK interest rates. NIESR says households will run out of savings because of higher mortgage repayments, taking…
Read more
More than one in six people expect to be over the age of 65 by the time they repay their mortgage (17%). Almost one in ten expect to be over 70 – or never to pay it off (9%) according to new research conducted by Opinium for Hargreaves Lansdown. Among those who were aged 55…
Read more