Third of couples turn to loans to finance their wedding

A third of couples (31%) planning to marry in 2027 or beyond will use loans to fund their weddings according to new research by Pepper Money, This is a significant increase from 23% in 2019. This shift highlights the growing financial strain on engaged couples. They are also less likely to be able to rely solely…

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Eight in ten mortgage brokers optimistic amid economic challenges

New research reveals that there is healthy optimism among brokers about the future of the UK mortgage sector, despite a challenging economic backdrop, including stamp duty rises expected in April and falling rent prices causing worries for buy-to-let buyers. The research, conducted by Nottingham Building Society, gathered the opinions of mortgage brokers across the UK,…

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Six out of ten parents worry children won’t be able to afford a home

Research amongst 1,500 UK parents with children aged 0-15 years, conducted by 3Gem on behalf of Scottish Friendly, shows six out of 10 (58%) of parents are concerned their child won’t be able to afford to live independently. With over half (55%) worried that the cost of the deposit for a rented accommodation is out…

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Growth in earning makes home purchasing more affordable for first-time buyers

New research by Nationwide has found that strong earnings growth has made home purchasing slightly more affordable for first-time buyers. The data shows that a typical buyer with a 20% deposit now spends 36% of their monthly take-home pay on mortgage payments, down from 2023 but still above the long-run average of 30%. Earnings growth remains…

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Mortgage affordability improves for the second consecutive month

Mortgage affordability improved for the second consecutive month in November, new analysis from Stonebridge reveals. The mortgage and protection network’s latest Mortgage Affordability Index shows that monthly repayments accounted for 36.3% of the average borrower’s salary in November. This is down significantly from 40% in September and 38.7% in October, the data shows. The last…

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Administrators appointed to credit union

22nd January 2025 Company News |

James Sleight and Stratford Hamilton of PKF Littlejohn Advisory have been appointed as Joint Administrators of London Community Credit Union (LCCU) LCCU whose membership covers residents and employees who live, work or study in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London. LCCU’s Regulatory bodies have…

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Number of borrowers paying a mortgage into their 70s increases 156% in five years

22nd January 2025 Consumer Lending | #mortgage payments

New Freedom of Information (FOI) data from the Financial Conduct Authority (FCA) analysed by Quilter has revealed a significant rise in the number of people taking out mortgages with a term of 35 years or more, which will see them paying off their loans well into their 70s. In the first nine months of 2024…

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Inflation dips to 2.5% – consumer credit industry reaction

15th January 2025 Consumer Lending | #inflation

Latest ONS data has shown that inflation dropped slightly to 2.5% in December, up from 2.3% in October, down from 2.6% in November. Commenting on the inflation figures, Paul Noble, CEO of Chetwood Bank, said “Some good news to start the year for Britons. Many will have approached today’s result with some apprehension, but 2025…

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Rent and mortgage spending increases by 1.8% in December

Rent and mortgage spending increased 1.8 per cent year-on-year last month, the lowest rate of growth since August 2024, according to the latest Barclays Property Insights report. Though encouraging, costs continue to increase, and consumers’ confidence in their ability to afford their rental and mortgage payments dropped to 52 per cent in December (down 3…

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Financial services optimism falls as Autumn Budget measures impact investment plans

10th January 2025 Consumer Lending |

Optimism in the financial services (FS) sector fell at the quickest pace since September 2022, according to the latest CBI Financial Services Survey. That is despite business volumes growing at a faster pace in the quarter to December. The quarterly survey, conducted between 21st November and 9th December 2024, showed that FS firms expect a…

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Consumer credit growth drops to its weakest level in more than 2 years

Consumer credit grew by £0.9 billion in November, down from £2.3 billion in November 2023, according to latest Bank of England data. The figures show that consumer credit growth dropped to its weakest level in more than two years. The data also showed that mortgage approvals fell in November. However the figures still remain above…

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Households confident over their 2025 finances

3rd January 2025 Consumer Lending | #finances

The majority of UK households are heading into 2025 feeling financially secure, but more people think the health of the economy is worsening than improving according to KPMG’s UK Consumer Pulse survey. The analysis shows that 57% of people feel financially secure, while just a fifth (21%) feel insecure. While half of those polled said…

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60% of young adults understand their credit score

3rd January 2025 Consumer Lending | #credit risk

Younger Brits are proving to be savvier with their finances than older generations, a new survey has shown. The study, conducted by credit score app CredAbility, reveals that nearly 60% of young adults (18- to 34-year-olds) understand their credit score and how it works, compared to just 42% of over-55s.  The study also found that…

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