Credit, Collections & Insolvency News
Latest data from the HL Savings & Resilience Barometer shows the top fifth of earners (who as a household make an average of £91,950) have monthly mortgage payments of £1,211 and other monthly debt repayments of £673 – which in both cases are around a third higher than the national average. Although they may feel…
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UK Finance has released its latest Household Finance Review for Q2 2024 which highlighted that mortgage borrowing in Quarter 2 (Q2) had increased by 19% for first-time buyers (FTBs) and 15%have for movers when compared with the same period last year. The rise was driven by the spike in mortgage applications we saw late last…
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Latest Money and Credit statistics from the Bank of England have shown that mortgage borrowing in July reached its highest level in nearly two years at £2.8 billion, up from £2.6 billion in June, the highest since November 2022 (£3.3 billion). Mortgage approvals in July were also at a near two-year high, while net consumer…
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UK Finance has published its latest data on later life mortgage lending for Q2 2024 which reveals that there were 5,610 new lifetime mortgages advanced in the Quarter, down 16.9% year on year. The figures show 32,990 older borrowers (aged 55 and over) took out mortgages in Q2 2024, up 8.34% in a year, 8,670…
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Latest data has found that credit card spending rose 4.2% from May to June 2024, with teh average balance standing at an average of £840 which is 0.1% higher than June 2023 according to FICO’s latest credit card report for June 2024. The data showed that May 2024 saw quite significant month-on-month increases in late…
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New research by Mojo Mortgages’ data has revealed that extending a mortgage from 25 to 35 years can cost the average first-time buyer an extra £87,180. The data found based on the average mortgage rate and house price, extending your mortgage rate by 1 year can cost an additional £8,472. 2 years can cost an…
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Analysis from Broadstone has found that Credit Union lending has increased by 42% over just the past four years, in evidence of borrowers’ ability and willingness to shop around beyond major high street banks and lenders. The research from the independent financial services consultancy shows that as of the end of 2023 Credit Unions have £2.3…
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People in the UK are feeling significantly less financially included than they used to be, as the pressure of the cost of living crisis continues to weigh on the public according to research by Principal Financial Group. The proportion of people who feel financially included in the UK has dropped to 56% from 73% a year ago, as…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided £76.7bn of new lending in the first half of the year (H1) 2024, 1% higher than in H1 2023. £20.1bn was provided to businesses for investment in machinery, equipment, and…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2024 by 8% compared with the same month in 2023. In the first half of 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal loans…
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Consumers borrowed £2.7 billion of mortgage debt in June, up from £1.3 billion in May according latest Bank of England data. Net mortgage approvals for house purchases remained broadly stable at 60,000 in June, while approvals for remortgaging decreased from 29,300 to 27,500 over the same period. The annual growth rate for net mortgage lending…
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Latest Bank of England data shows that the annual growth rate for consumer credit, including credit cards, personal loans and overdrafts, dipped to 8% in June from 8.4% in May. The annual growth rate for credit card borrowing fell to 10.5%, from 10.8% in May. Net consumer credit borrowing dipped slightly in June to £1.2…
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New data from Hargreaves Lansdown has found that around 1.5 million people will need to remortgage throughout 2024. The research also showed that one in five (18%) of those who have had to remortgage onto a higher rate since the end of 2022 have ‘poor’ or ‘very poor’ financial resilience compared to one in eight…
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