Credit, Collections & Insolvency News
The average household that took out a mortgage in 2021 faces a 3% reduction this year in the amount of disposable income it has left over after home loan, credit commitments and living costs, according to UK Finance. The analysis found most borrowers across all income brackets would still qualify for the same sized mortgage…
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Research HBB Solutions, has indicated that South East has the most repossessed homes and the high cost of homeownership in the region could see it cement its place as the nation’s repossession hotspot, as rising inflation and interest rates pose further economic instability for the year ahead. Previous research by HBB Solutions revealed that the…
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Here is an overview of The Money Charity’s latest statistics for May 2022 Personal debt in the UK People in the UK owed £1,781.7 billion at the end of March 2022. The average total debt per household, including mortgages, was £64,107 and per adult was £33,686, around 108.0% of average earnings. Net mortgage lending rose by…
Read moreLatest data from the Ministry of Justice (MoJ) have indicated that mortgage possession actions in Quarter 1 (Q1) have dropped significantly compared to Q1 2019. Compared to 2019, pre-Covid-19, mortgage possession claims, orders, warrants and repossessions by county court bailiffs have decreased by 53%, 47%, 55% and 57% respectively. However, compared to the same quarter in…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes have grown by 42%. 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 “New…
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The Government has announced it will launch a new Renters Reform Bill with the aim of delivering the biggest change of improving the lives of millions of renters by driving up standards in the private and socially rented sector, delivering on the government’s mission to level up the country. The change will impact 4.4 million…
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Average UK rents have increased for the sixth consecutive quarter, according to The Deposit Protection Service (The DPS). The research also showed that some tenants are paying above the going rate to secure a property. The UK’s largest protector of deposits, which safeguards 1.8m rent securities, says that average rents now stand at £849 a…
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More than 200,000 private renters in England have been served eviction notices without doing anything wrong in the three years since the government first promised to ban the practice according to research by Shelter. The research found that every seven minutes a private renter in England is handed a Section 21 no-fault eviction notice by…
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The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…
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The latest UK Consumer Prices Index (CPI) figures, published by the Office for National Statistics, show that CPI rose to 7 percent in the twelve months to March, up from 6.2 percent in February. Recent research from the Money Advice Trust on the impact of rising costs on households, found that one in seven (an…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 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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February saw a spike in remortgaging activity as borrowers sought to beat interest rate rises, according to new research from Legal & General Mortgage Club’s SmartrCriteria tool. Searches for homeowners wanting to remortgage after just 6 months climbed by 30%, suggesting that rises in the Bank of England’s base rate to curb inflation could be…
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Over half of private tenants relying on Universal Credit to pay their rent have a shortfall between the amount they receive and what they pay for their housing. It comes a year after the Government froze housing benefit rates. Official data suggests that 56 per cent of private renters relying on Universal Credit have an…
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