Credit, Collections & Insolvency News
Gifts and loans from the Bank of Mum & Dad (BOMAD) totalled £9.6 billion in 2024, according to the latest analysis from property firm Savills. The research found that 173,500 first-time buyers received assistance last year, receiving on average £55,572. This equates to just over half (52%) of all first-time buyers, which, although lower than…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased sharply by £9.7 billion to £13 billion in March, following a decrease in net borrowing of £1.0 billion to £3.3 billion in February. The annual growth rate for net mortgage lending rose from 1.9% to 2.7% in March, the…
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New research by Pepper Advantage has found that in Q1, the data reveals that the overall arrears growth rate across residential and buy-to-let (BTL) mortgages was at 0.0%, primarily driven by improvement in the buy-to-let market. The data, which consolidates and analyses data from across the UK, shows that BTL arrears growth fell for the first…
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New figures released by the Finance & Leasing Association (FLA) show that second-charge mortgage new business volumes grew by 9% in February 2025. 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 charge…
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The average household spends £216 on monthly debt repayments, excluding the mortgage, according to research by Hargreaves Lansdown. Among the top 5% of earners, this rises to £384 and £1,065. The data also showed that those with mortgages spend an average of £748 on top of this. Almost one in ten households (8%) are in…
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Secured loans, often referred to as second charge mortgages, have cemented their position as the fastest-growing segment in the post-pandemic UK property finance market, according to new research by Pepper Money, the specialist mortgage lender. Analysis of official data from the Bank of England and the Finance & Leasing Association (FLA) shows that the second…
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As consumers brace themselves for the higher prices kicking in from today (1st April) across bills including energy, water and broadband, those on the lowest incomes are running out of options, Citizens Advice warns. Households in the lowest 10% for income already spend around two-fifths (41%) of their earnings, after housing – on water, energy,…
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A new survey by Ocean Finance has found that 73% are worried about affording their essential bills this Spring. Millions of households across the UK are set to be hit with yet another wave of bill increases this April, with hikes expected across council tax, broadband, water, energy, and phone contracts. 42% say they’ve already…
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New figures released today by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 24% in January. 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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Average UK rents for new lets are 3% higher over the last year, down from 7.4% a year ago according Zoopla’s quarterly rental market report reveals. The data showed that rental market conditions are steadily improving after three years of chronic under supply and excess demand, although there is still an ongoing gap which is…
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New figures released by the Finance & Leasing Association (FLA) show that econd charge mortgage new business volumes grew by 16% in December 2024. 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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Latest data from the Ministry of Justice, fro Quarter 4 (Q4) has shown that mortgage claims, orders, warrants and repossessions increased. Compared to the same quarter in 2023 there were increases in mortgage possession claims from 4,385 to 6,080 (39%), orders from 2,697 to 4,178 (55%), warrants from 2,240 to 3,305 (48%) and repossessions by…
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New data from UK Finance has shown that repossessions were up 12% in Q4 compared to Q3, with more than 1,030 residential properties taken over in the last three months of 2024. On a year-by-year basis, repossessions increased by 54% in Q4. Buy-to-let mortgage repossessions were up 30% year-on-year in Q4. The data also shows…
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