Credit, Collections & Insolvency News
UK Finance has published its later life mortgage lending update for Q1 2025 which showed that there were 38,510 new loans advanced to older borrowers in Quarter 1 (Q1), increased 33.5 per cent year on year. The value of this lending was £6.1 billion, which was up 42.6 per cent compared with the same quarter…
Read more
Nine in ten (87%) of Africans living and working in the UK have been turned down for a mortgage because of circumstances relating to the fact that they are a foreign national, according to research of 500 UK-based African diaspora by specialist lender Afin Bank. The research found that almost half (48%) said they were…
Read more
New data from UK Finance has shown that the average first-time buyer mortgage term is now 31 years. The data also showed that mortgage lending surged in the first quarter of 2025 (Q1), driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Mortgage completions rose sharply in the first…
Read more
The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
Read more
The Government has announced new legislation will see Buy Now Pay Later (BPNL) lenders fully regulated by the Financial Conduct Authority (FCA), meaning firms will be required to conduct affordability checks on consumers before offering loans. The announcement is backed by brand new reforms as part of the new Consumer Credit Act. The new regulation…
Read more
New research from The Current Account Switch Service has revealed that one in four (24%) UK adults have less than £250 in their current account. The data also shows a decline in those with higher balances in their current accounts, with a 15% decrease of those with over £2,500 since 2021. A vast majority of…
Read more
Consumers are increasingly using credit to pay for insurance cover and switching to monthly payments for car and home insurance to manage their bills, new research from Premium Credit shows has found. Premium Credit’s Insurance Index, now in its sixth year, found that 76% of insurance customers use some form of credit to pay for…
Read more
Latest Barclays property insight data has shown that rent and mortgage spending increased 5.2 per cent year-on-year in April, down slightly from 5.4 per cent in March, as many lenders reduced mortgage rates. Confidence in household finances remained consistent month-on-month at 70 per cent, while many UK homeowners are taking prudent steps to decrease their…
Read more
The Bank of England has announced that it has reduced the Bank Rate by 0.25% to 4.25%, marking the second cut this year. The MPC voted 5 to 4 in favour of the cut, with two members preferring to cut rates by 0.5% to 4.0% and two preferring to leave rates unchanged at 4.5%. Commenting on the…
Read more
Latest Bank of England data has shown that net borrowing of consumer credit by individuals was £0.9 billion in March, down from £1.3 billion in the previous month. Within this, net borrowing through credit cards decreased to £0.2 billion in March, the lowest since April 2024 (£0.2 billion). Net borrowing through other forms of consumer…
Read more
High net worth women are feeling more anxious about their finances than men, according to new research by Saltus. The insight found that financial pressures are not only increasing, but also that women are feeling the pressures more than men. The data showed that 40% of female respondents said their money makes them anxious, compared to…
Read more
New research by TransUnion has revealed that over the last 12 months, there has been an 8% increase in the proportion of UK consumers who said they have a credit card, yet a third say they don’t know their credit score. The report also found that inflation remains above the Bank of England’s 2% target,…
Read more
New research by Compare the Market has found that only 17% of credit card users have a strong grasp of how credit scores are determined, while over a third (36%) admit to having limited or no understanding. More than four in ten credit card users (46%) worry about maintaining a healthy credit score. However, the…
Read more