Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in January 2025 by 2% compared with the same month in 2024. In the twelve months to January 2025, new business in this market was also 2% higher than in the same period in 2024. The credit card…
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New figures from Experian has found that that fraudsters deploying AI technology to combine personal information to create new identities highlighting the rise of ‘synthetic fraud’ in the UK. Analysis of confirmed fraudulent and potentially fraudulent credit applications shows that there was an increase of 60% in false identity cases in 2024 when compared to…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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Latest quarterly data from UK Finance has shown that the mortgage market strengthened in Quarter 4 (Q4) 2024, with both first-time buyers and home mover numbers up by almost a third compared to a year ago, with forward-looking data suggesting this will persist through the first quarter of 2025 The data found that overall, 2024…
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Latest data from the Bank of England data has shown that consumer credit borrowing rose sharply to £1.7 billion, indicating financial strain on households. Net consumer credit borrowing by individuals was £1.7 billion in January, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £1.1 billion from…
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New analysis of 24 million subprime credit applications conducted by Data On Demand in partnership with the University of Salford Business School and Seattle Pacific University has found that young adults and homeowners driving surge in subprime credit, The analysis revealed a significant shift in borrowing patterns, with essential living costs replacing discretionary spending as…
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The GfK consumer confidence index has increased by two points to -20 over the month to mid-February, as households said they were becoming more optimistic about their personal finances and the economic outlook. The research found that the better-than-expected findings were driven by the Bank of England’s latest interest rate cut earlier this month. The…
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New research by Compare the Market has found that three in ten borrowers don’t know their credit score. The data also found that only 59% of credit card users are aware of their credit score whilst nearly half (45%) of people with a credit card are not actively trying to improve their credit score. Among…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2024 by 11% compared with the same month in 2023. In 2024 as a whole, new business in this market was 2% higher than in 2023. The credit card and personal loans sectors together reported new…
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Mortgage lending growth is forecasted to more than double from 1.5% in 2024 to 3.1% in 2025, and grow to 3.2% in 2026, as rates fall and consumer confidence rises according to a report from EY Item Club. The growth is largely attributed to anticipated interest rate cuts by the Bank of England, which recently lowered…
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New research by Apil Mortgages has found that only 14% of the UK’s 100 largest towns and cities are affordable to single-income buyers. Buying an average home in 16 of the UK’s 100 largest towns and cities requires a deposit of more than £200,000 for a mortgage applicant earning an average salary. In more than half (52%) of these towns and…
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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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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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