Credit, Collections & Insolvency News
New data from Pepper Advantage, has shown that the overall rate of mortgage arrears growth has dropped to only 1.1% in Quarter 2 (Q2) 2024. This marks the third consecutive quarterly decrease in the arrears growth rate across the company’s UK portfolio, which fell from 5.7% in Q4 2023 to 3.9% in Q1 2024. The…
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Here is an overview of The Money Charity’s latest statistics for July 2024 Personal debt in the UK People in the UK owed £1,852.8 billion at the end of May 2024. The average total debt per household, including mortgages, was £65,239 and per adult was £34,537, around 96.0% of average earnings. Net mortgage lending increased by…
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A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
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New data from Rightmove has shown that average advertised rents outside of London hit a new all-time high of £1,314 per calendar month in the second quarter of 2024, according to the online property platform, indicating a 7% jump from the previous year. In London, rents hit a new record of £2,661, 4% above the same…
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Latest data from the Bank of England has found that lenders expect default rates on home loans to climb in the coming months, The data showed that mortgage default rates rose in Quarter 2 (Q2) with banks and building societies believing that the rate will increase further in the next three months. Lenders reported a…
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New figures released by the Finance & Leasing Association (FLA) have shown that second-charge mortgage new business volumes grew by 36% in April 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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Here is an overview of The Money Charity’s latest statistics for June 2024 Personal debt in the UK People in the UK owed £1,850.1 billion at the end of April 2024. The average total debt per household, including mortgages, was £65,143 and per adult was £34,487, around 97.0% of average earnings. Net mortgage lending increased by…
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The Bank of England has opted to hold the base rate at 5.25%, this marks the seventh consecutive meeting where the Monetary Policy Committee has opted against raising or cutting interest rates. The MPC voted 7-2 to hold rates steady, with the dissenters preferring a cut of 0.25% to 5.0%. The decisions follows the announcement…
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Unsecured household debt is set to rise by over £1,600 this year as families continue to struggle with the cost of living crisis, according to new TUC analysis. The analysis shows that unsecured debt (loans, credit cards, purchase hire agreements) is on course to increase by 9.4% (£1,660) in real terms, on average, per household…
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With rent prices rising 9% over the last 12 months, three in ten (28%) renters across the UK have been forced to turn to benefits due to rising costs, reveals research from responsible lender Creditspring. ONS figures show that average rents increased by 8.9% over the last 12 months, with tenants paying over £100 more…
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Credit Connect has announced the shortlist of companies and partnerships for this year’s first-ever annual Credit & Collections Industry Awards. The shortlist for the inaugural awards consists of 64 entrants with over 50 companies in the running to win the first-ever awards. Credit Connect’s panel of judges has now compiled the shortlist for the fourteen…
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The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 36% in April 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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