Credit, Collections & Insolvency News
Latest Bank of England data has shown that net mortgage lending increased by £5.293 billion in August, bouncing back from July’s net repayment of £1.758 billion. Gross mortgage lending increased to £21.5 billion, recovering from a low seen in July when lending came in at £16.6 billion. Meanwhile, mortgage approvals fell to the lowest level…
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Here is an overview of The Money Charity’s latest statistics for September 2021 Personal debt in the UK People in the UK owed £1,741.7 billion at the end of July 2021. The average total debt per household, including mortgages, was £62,670 and per adult was £32,931, around 109.3% of average earnings. Net mortgage lending fell by…
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Mortgage repayments jumped by 20% to a record £38 billion in the first half of the year compared to 12 months ago, according to latest Equity Release Council statistics. Debt payments were fuelled by regular repayments and record overpayments, new borrowing ahead of the stamp duty deadline and fewer mortgage payment holidays, as customers began…
Read moreNew research by Barrows and Forrester has revealed that the total amount of arrears during the initial wave of the pandemic was dwarfed by arrears during the second wave of the pandemic There are 4.8 million private rented households in England. During wave one of the pandemic restrictions figures from the ONS estimated that 7%…
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Credit Connect’s hosted its third Online Collections Technology Think Tank 2.1 last week which saw the discussions focused upon collections strategy as we prepare to start to feel the impact of the pandemic and Brexit. Fourteen collections professionals from a variety of industry sectors joined the discussion on business transformation, customer engagement, affordability, vulnerability and…
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New research by Hodge Bank has seen Retirement Interest Only (RIO) mortgage applications increase by more than a third. The bank has seen a 36% increase in the number of RIO mortgage applications in 2021, compared with last year. The total value of RIO mortgages with Hodge has also increased by 31%, although the average…
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Private renters and landlords across the country face a cliff edge as the end of furlough coincides with cuts to benefit support. With the Bank of England warnings indicating that renters are more likely than any other group to have lost their jobs or been furloughed, the National Residential Landlords Association (NRLA) argues that many…
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More than half of new mortgage borrowers do not expect to pay off their loans before they turn 65, according to a recent study. Research published by UK Finance said longer mortgage terms coupled with the ageing population was driving a trend towards borrowing later in life. Some 52% of new homeowner mortgage lending in…
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UK Finance and the Building Societies Association are calling for important changes to be made to the Support for Mortgage Interest (SMI) scheme to help struggling homeowners as the furlough scheme draws to a close. SMI is a government loan scheme that helps homeowners who are in receipt of benefits1, but as it stands, they…
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Research by the nationwide buy-to-let specialist, Sequre Property Investment, has revealed that the tide of pandemic rental arrears woes that have impacted one in five landlords could be starting to turn, as the majority are now seeing a reduction in the level of late rental income owed to them. The survey of nearly 4,000 UK…
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Debt charity StepChange has warned that a £360 million wall of rent debt built up during the pandemic combined with cuts to Universal Credit threatens to leave hundreds of thousands of tenants facing long-term housing insecurity and problem debt. Since March 2020, StepChange’s research has revealed a tale of two pandemics, with renters one of…
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Latest Bank of England (BOE) figures have indicated that the value of gross mortgage advances in 2021 Q2 was £89 billion, over double the amount seen in 2020 Q2, and the highest level since 2007. The value of new mortgage commitments (lending agreed to be advanced in the coming months) was almost 2.5 times greater…
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New research by second charge specialist lender Evolution Money has indicated that the number of prime borrowers completing second-charge mortgages has risen in the company’s latest quarterly data report. Lending data for the last three months, up until the end of August 2021, has indicated that the product split by volume of mortgages is 68%…
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