Credit, Collections & Insolvency News
Latest Bank of England data shows mortgage approvals fell to 56,100 in July, down from 58,215 in June and below the six-month average of 60,800, as higher borrowing costs weighed on housing demand. The figure was below the average of around 60,800 over the previous six months. Approvals for remortgaging increased to 34,500 from 34,100,…
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New research by Confused.com has found that 66% currently give their child regular pocket money. A further 8% have done so in the past and 19% plan to start in the future. Among parents who currently give or previously gave pocket money and provided an amount, the most common weekly payment is £5 to £9.99…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in June 2026 was 6% higher than in the same month in 2025. In the first half of 2026, new business in this market was 5% higher than in the same period in 2025. The credit card and personal…
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Parents are taking different approaches to managing back-to-school costs, with 22% planning to use a credit card, 16% of parents planning to use Buy Now, Pay Later (BNPL) to cover back-to-school costs, and 19% saying they have cut back on other spending to afford the return to school, new research from Compare the Market has…
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Two-thirds of homeowners under 30 have mortgages lasting 30 to 40 years, with borrowers typically repaying them by age 59, according to analysis of 190,000 borrowers by Sprive. Analysis of more than 190,000 homeowners shows that two thirds (66%) of mortgage holders under 30 are now on terms of between 30 and 40 years. By…
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Consumer confidence in the UK has reached its highest level for two years, according to GfK. The sentiment index rose two points to -14, marking an 11-point increase since April. The report shows that households are more optimistic about the economy and more willing to make major purchases. Savings intentions also fell, suggesting consumers may…
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Many aspiring homeowners could be delaying their plans to get on the property ladder because they mistakenly believe they wouldn’t qualify for a mortgage, new research from Lloyds suggests. The study of more than 1,000 prospective first-time buyers found widespread confusion about what could prevent someone from getting a mortgage. More than half (58%) incorrectly…
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Research from the savings app Spring has found that adults receiving financial support from their parents receive an average of £11,241, highlighting the role family wealth plays in helping adult children navigate major financial milestones. While around one in seven (15%) UK adults receive financial support from their parents, those who do are often receiving…
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New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. From 15th July 2026, BNPL providers will be required to carry out affordability and creditworthiness…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May 2026 was at a similar level to May 2025. In the first five months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and personal loans…
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Consumer card spending grew by 1.9% year-on-year in June, a marked improvement on May’s 0.8 per cent growth, but below the latest CPIH inflation rate of 3.0%. Non-essential spending increased 1.7%, while growth in essential spending reached a 14-month high, up 2.2%. The uplift was driven by a combination of stabilising consumer confidence, warm and…
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The Buy Now, Pay Later (BNPL) sector will come under the regulation of the Financial Conduct Authority (FCA) from today (Wednesday 15th July), seeing the launch of stronger protections in place for consumers. New YouGov polling commissioned by StepChange reveals the increasing popularity of BNPL products, but raises the concern that many are using it…
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New research from Compare the Market suggests that fear of being turned down for credit is preventing millions of people from applying for financial products altogether, as new Buy Now Pay Later (BNPL) affordability checks are introduced across the UK. BNPL providers will be required to carry out affordability and creditworthiness checks before approving credit,…
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