Credit, Collections & Insolvency News
New research from KPMG has found that 30% of the UK public have changed their spending as a result of Brexit uncertainties. A fifth (22%) have avoided making big ticket purchases with almost one in ten (9%) missing out on overseas holidays and 6% avoiding investing in the economy via stocks & shares. Meanwhile, 8%…
Read more
The number of residential and buy-to-let mortgages taken out in June 2019 has fallen as has pound-for-pound remortgaging, according to UK Finance. The mortgage trends update also showed that there was a ten per cent drop in overall remortgaging activity in June 2019, compared to the previous year. This has been driven largely by a…
Read more
Up to half of older homeowners are using equity release to repay debt as they struggle to meet payments, new analysis from independent equity release adviser Key shows. Analysis of customer data suggests that 30% of people are using equity release to repay unsecured debt while 20% are using it to repay mortgages. Debt is a…
Read more
Admiral Insurance has announced that it has expanded its strategic partnership with Equifax, to power its affordability assessment for instalment payments. The Equifax solution helps insurers and brokers make informed, accurate customer affordability assessments in real time. By providing access to CATO (current account turnover) data, customers’ aggregated monthly income and outgoings can now be…
Read more
New research from online mortgage broker Trussle has reveals that 61% of current and soon to be homeowners in the UK don’t fully review their mortgage agreement before signing it, and half (50%) claim they only understand some of the language used in paperwork associated with the house buying process. Speaking to 2,002 homeowners and…
Read more
The dream of homeownership for middle-income Britain, individual buyers and those unable to draw on family wealth will be over in the next decade without urgent action by the government and industry, according to new research from Santander Mortgages. Santander’s First-Time Buyer Study: The Future of the Homeownership Dream – based on a national survey…
Read more
Self-employed people are selling themselves short when it comes to their aspirations of property ownership, according to new research. A survey of those who work for themselves revealed more than a third of would-be homeowners have already judged themselves unworthy of a mortgage. The national study, by specialist lender Together, showed 36 per cent of…
Read more
The Bank of England has announced its latest Money & Credit statistics which showed that the extra amount borrowed by consumers to buy goods and services was £1 billion in June, in line with the average of the past year. Annual lending growth to UK consumers slowed to 5.5% in June however, from 5.7% in…
Read more
Controlling spending temptations and unintentionally falling into debt are the main consumer concerns when it comes to owning a credit card, according to research from Equifax, the consumer and business insights expert. The online survey of over 2,000 people does however reveal positive awareness about the potential benefits of spending on credit cards, including credit…
Read more
£10.5 billion was spent on credit card purchases in June 2019 according to the latest figures from UK Finance. Credit card spending was 1.1 per cent higher than the same month in 2018 whilst the outstanding level of credit card borrowing grew by 4.0 per cent in the 12 months to June. Repayments have remained…
Read more
Households are missing out on savings of over £400 by failing to switch the energy, home and car insurance providers. Research from comparethemarket.com has shown that the top three regions where households can save the most by switching are the West Midlands (£732), the East Midlands (£665) and the North East (£660). The insight from…
Read more
Here is an overview of The Money Charity’s latest statistics for July 2019: Personal debt in the UK People in the UK owed £1,640 billion at the end of May 2019. This is up from £1,592 billion at the end of May 2018, an extra £922 per UK adult over the year. The average total debt per household, including mortgages,…
Read moreThe Intermediary Mortgage Lenders Association (IMLA) has responded to the Financial Conduct Authority’s (FCA) consultation paper on Responsible Lending, calling for the regulator to avoid raising borrowers’ expectations unrealistically and provide a clearer picture of the numbers and circumstances of borrowers who need additional support from lenders. The Association, which represents 19 of the 20…
Read more