Credit, Collections & Insolvency News
Around one in five remortgage borrowers were considering variable and tracker mortgages in September while first-time buyers’ interest in variable rate products collapsed, new Money Facts analysis has found. The data in September, 21% of remortgage borrowers researching mortgages on Moneyfactscompare.co.uk were considering variable or tracker mortgages, compared with 14% in July. Whilst 7% of homemovers…
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The latest Bank of England Money & Credit statistics for August find that mortgage borrowing increased to £4.4 billion in August, from £4.1 billion in July, but remained below the previous 6-month average of £5.2 billion. Net mortgage approvals for house purchases – an indicator of future borrowing – decreased to 54,900 in August, down…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance providers advanced £10.3 billion of new credit in July 2026, 1% lower than in the same month in 2025. In the first seven months of 2026, new business in this market was 4% higher than in the same period in 2025.…
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New research from Standard Life has found that among those aged 55-70 with a defined contribution pension found 90% of those yet to retire want to have their finances as simple and straightforward as possible before retiring, whilst over half of all those aged 55-70 with a DC pension (54%) view retirement as an opportunity to…
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Consumer spending reached a 13-month high in August, driven by a resurgence in entertainment and travel, according to analysis by Barclays. Card spending grew by 2.1 % year-on-year in August, building on July’s 2.0 % increase, but remaining below the latest CPIH inflation rate of 3.1 %. Both essential and non-essential spending increased 2.1 %,…
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Latest Mortgage Lenders and Administrators Statistics for Quarter 2 data from the Bank of England, have shown that low-deposit mortgages hit their highest share in 18 years. The data also showed that the value of outstanding mortgage balances with arrears decreased by 1.9% from the previous quarter to £19.7 billion, the lowest since 2023 Q3,…
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Major lenders have raised mortgage rates to catch up with recent rises in swap rates, according to the latest Moneyfactscompare.co.uk analysis. Over the coming days, more lenders are expected to review mortgage rates in response to higher swap rates, with HSBC and NatWest so far the biggest banks to increase rates since the start of…
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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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