Credit, Collections & Insolvency News
Latest tracking research from equity release adviser Key highlights that 30% of over 55s believe that their ability to repay their mortgage will be hindered due the cost-of-living crisis, equating to around 879,000* people’s mortgage plans being derailed. Of those 3.3 million over-55s who have yet to repay their mortgage, 16% say they plan to…
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One in six of the UK’s over-50s are so impacted by the cost-of-living crisis they will need to either sell or release equity from their homes to give them more cash to live on. The findings come from the LiveMore Barometer, a detailed indicator of the financial priorities of the UK’s 50-90+ year-olds. The survey…
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Latest insight into the rental sector has revealed that the average tenant is paying 23.5% of their net earnings on the cost of renting, climbing as high as 42.8% in the nation’s least affordable pockets of the rental market according to research by Ocasa. The research shows that the average household earns £4,030 after tax…
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As the cost of living continues to spiral people are cancelling or switching their insurance policies in a bid to make savings, according to research by Consumer Intelligence. Around 7% of people have already cut back on insurance to make savings in the last three months and a further 7% are considering back in the…
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Latets figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 9% in November 2022 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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The Financial Conduct Authority (FCA) has warned that more than 750,000 households are at risk of defaulting on their mortgages over the next two years as soaring borrowing costs make payments unaffordable. The financial regulator said that over 200,000 households had already fallen behind on payments by the end of June 2022 – with bills…
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Latest Office for National Statistics (ONS) figures shows that tenants renting from private landlords have seen the highest rise in rents since comparable records began seven years ago. Rents rose 4% last year as landlords passed on the costs of higher mortgage rates. A poll of tenants surveyed in December saw a quarter say their…
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Research from estate and lettings agent, Barrows and Forrester, has revealed that tenant demand has started to fall across England’s rental market, with demand down by as much as 29% in some parts of the country. The research index monitors rental listings across the nation, taking an average demand score for each English county based…
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More than eight million adults are financially fragile and at risk of being over-stretched due to record levels of unsecured debt and rising interest rates amid the cost-of-living crisis, according to a report by PwC and TotallyMoney. The report found that 8.9 million adults are showing signs that their finances are teetering on the brink,…
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Households across the country could be heading for even more financial pressures in January – as 1.9 million households missed payments in the lead up to Christmas according to new analysis by Which? An estimated 1.9 million households missed or defaulted on at least one mortgage, rent, loan, credit card or bill payment in the…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 18% in October. 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…
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The Government has hosted a roundtable with the Financial Conduct Authority (FCA), Martin Lewis of Money Saving Expert and mortgage lenders to discuss what support some mortgage borrowers may need. Following the meeting, mortgage lenders have agreed to take a more consistent and supportive approach to homeowners struggling with the cost of living crisis. Bank…
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The number of middle-aged households privately renting has nearly doubled in the space of a decade, with many set to remain in rented homes for the long-term, Paragon Bank analysis of Government data shows. The number of households in England where the lead reference person is aged between 45 and 64 has increased from 691,000…
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