Credit, Collections & Insolvency News
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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One in twelve private renters in England, equivalent to 941,000 people are currently under threat of eviction, according to new research from the housing charity Shelter. The charity’s polling, conducted by YouGov and funded by Nationwide Building Society, found that of those at risk of eviction, 504,000 private renters had received or been threatened with…
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Eight out of ten (82%) people who live in shared rented properties say that the rising cost of household bills is likely to cause more arguments between them and their housemates within the next six months, according to new research from Comparethemarket. Nearly three-in-five (58%) say that higher energy bills are already causing tension among renters…
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New figures released by the Finance & Leasing Association (FLA) have indicated that the value of new second charge business secured in September increased by 42% compared to the same period last year. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and…
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Latest data from UK Finance indicated that third quarter (Quarter 3) figures saw 1% fewer homeowner mortgages in arrears than in Quarter 2. In total, there were 74,440 homeowner mortgages in arrears of at least 2.5%. Pf these, 28,910 were in ‘significant’ arrears – defined as being 10% or more of the outstanding balance. However,…
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The Joseph Rowntree Foundation (JRF) has reported that an extra 120,000 households in the UK, the equivalent of 400,000 people, will fall into poverty when their current mortgage deal ends. The analysis assumes homeowners will be forced to borrow at an interest rate of 5.5%. With a current norm of 2% this change would mean…
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The Resolution Foundation think-tank has warned that the UK faces the tightest squeeze on real incomes since the second World War due to soaring inflation. With the Bank of England forecasting that Britain is set to see its longest recession since records began in the 1920s, the Foundation has cautioned that the average household will…
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More than a quarter of mortgage holders wouldn’t be able to afford their monthly repayments if they increased by £100 a month, according to new research from Citizens Advice. The research found that nearly half (45 per cent) would be unable to make their payments if they rose by £250 a month. In September, 49…
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