Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that second charge new mortgage business increased by 37% in August. 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…
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The average rate on a two-year fixed-rate mortgage has now reached 6.07%, according to Moneyfacts, the first time the average rate has breached the 6% mark since November 2008. The impact in the financial markets following the Government’s mini-Budget saw lenders withdraw a record number of deals, but some banks and building societies are now…
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The monthly cost of repaying a mortgage has seen the second largest annual spike, with just energy bills increasing at a greater rate according to research by Revolution Brokers. The research analysed the annual increase in a number of household costs, from energy bills to mortgage payments, water and sewage and food and drink, to…
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Latest data from the Bank of England show that spending on credit cards rose by £700 million in August as households borrowed heavily to cope with the cost of living crisis. The increase pushed the annual growth rate in spending on credit cards to 12.9%, its joint highest level since 2005. Maintaining a high level…
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Here is an overview of The Money Charity’s latest statistics for September 2022 Personal debt in the UK People in the UK owed £1,810.7 billion at the end of July 2022. The average total debt per household, including mortgages, was £65,151 and per adult was £34,235, around 107.5% of average earnings. Net mortgage lending rose by…
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Almost 1.1 million private renters in England, one in seven, have had their rent increased in the last month, a new report from Shelter reveals. The charity’s research shows millions of private tenants are stretched to breaking point: one in three (2.6 million adults)are spending at least half their household income on rent. And even…
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The Bank of England has raised interest rates from 1.75% to 2.25% and indicated that Britain’s economy is now in recession. A majority of the Bank’s nine-member monetary policy committee voted to increase the key base rate by 0.5 percentage points, judging that the risks of inflationary pressures becoming entrenched outweighed the short-term dangers to…
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One in three mortgage customers say that rising interest rates mean they cannot afford their repayments, new research commissioned by Butterfield Mortgages has found. The independent survey of 2,000 UK adults found that a third (33%) of mortgage holders believe the interest rate hikes over the past year have made their mortgage repayments unaffordable. Among…
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Latest Bank of England figures have shown that the total value of all outstanding residential mortgage loans was at £1,648 billion at the end of 2022 Q2, 3.8% higher than a year earlier when the outstanding value came to £1.590 billion. The value of gross mortgage advances in 2022 Q2 was £77.9 billion, which was…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 29% in July. 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),…
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Latest data from the Bank of England has indicated that credit card borrowing grew by £730 million in the 12 months to July. The 13% rise on borrowing on cards is the fastest rise since October 2005. The annual growth rate for all consumer credit, which also includes overdrafts, personal loans and car finance, increased…
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The Government has announced new proposals to cap rents on social housing to support tenants with the cost of living. Under the proposals, a cap on social housing rent increases would be put in place for the coming financial year, with options at 3%, 5% and 7% being considered. The move would prevent rents for…
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A new peak in the number of people looking for a home to rent is fuelling a rise in renters choosing to renew their existing tenancies rather than moving according to new research by Propertymark The research found that 73 per cent of agents say they have seen an increase in the number of tenants…
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