Credit, Collections & Insolvency News
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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Soaring borrowing costs and strict lending rules have driven down the value of buy-to-let (BTL) mortgages to the lowest level in almost three decades according to latest UK Finance data. The reports showed that the number of outstanding mortgages to landlords had fallen for the first time since 1996, when bespoke loans for property investors…
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A report from UK Savings Week shows that having a regular savings habit can help protect individuals and families from financial shocks, increase their chances of achieving long-term life goals, and generally improve their mental wellbeing. UK Savings Week, an annual campaign aimed at getting people engaged in the benefits of saving, commissioned the University of…
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Card spending fell last month for the first time in more than three years, according latest analysis by Barclays. The data showed that consumer card spending fell -0.6 per cent year-on-year in June – the first decline since February 2021 and significantly lower than the latest CPIH inflation rate of 2.8 per cent – as…
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Latest Bank of England Money and Credit data has shown that consumer credit annual growth rose to 8.3 percent in May 2024, after a fall in April, with outstanding balances for consumer credit now standing at £1.85 billion. Consumer credit borrowing rose sharply in May 2024 to £1.5 billion, up from £0.8 billion in April.…
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Interest-only homeowner mortgages fell by 5.4% to 664,000 last year compared to 12 months before, the latest data from UK Finance has revealed. The data showed that there were 200,000 partial interest-only (part and part) homeowner mortgages outstanding at the end of 2023, 9.9 per cent fewer than in 2022. The total interest-only mortgage stock…
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A new first-time buyer study from the UK’s biggest property website Rightmove reveals that the average first-time buyer mortgage payment has risen by 61% since the last election year of 2019. Over the last five years, the average mortgage payment for a typical first-time buyer home has risen from £667 per month to £1,075 per…
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Consumer confidence has seen a third consecutive monthly rise since March, according to a survey by GfK. The research showed that the Consumer Confidence Index climbed three points in June, reaching minus 14. This increase was driven by growing optimism about the economy, with a seven-point boost in confidence regarding the general economic situation over…
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Latest data from UK Finance has shown that credit card spending has continued to increase as consumers face economic pressures. The report revealed an 0.8% rise in total credit card spending year-on-year and a 5.9% increase in contactless transaction values. James O’Donnell, Director of Research & Consulting at TransUnion said “The UK Finance card spending…
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Nearly one in five (20%) consumers are using their credit score to better manage credit usage and reach their goals of paying down debts according to research by TransUnion. In the new study, TransUnion has identified and defined three primary categories into which the majority of people who regularly check their credit information fall. First…
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More couples are choosing to prioritise having children over homeownership, according to research by Santander. The research showed that the share of first-time buyers with at least one dependant has increased from 10 per cent in 2009 to 20 per cent in 2023 with the data indicating that more people getting their foot onto the…
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