Credit, Collections & Insolvency News
Immigrants to the UK have poorer experiences from their would-be financial services providers than UK-born counterparts as a result of their lack of available credit history, according to new research by Nova Credit. The research finds that, for two in three (66%) immigrants, the process to receive credit products takes longer than it should due…
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Insurance customers are becoming more accepting of using credit to buy cover as financial confidence grows and credit becomes more available, new research from the Premium Credit has indicated. Around a quarter (24%) of customers say that over the past year they have become happier about using credit to fund cover which is slightly higher…
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One fifth (18%) of teachers have been forced to rely on buy now, pay later (BNPL) payment options to afford their weekly shop, according to new research from responsible lender, Creditspring. More than a quarter of teachers (26%) say they wish they’d never used BNPL options, with 14% admitting they’d were unable to meet repayments…
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The Bank of England has hiked interest rates by 0.5 percentage points to 5%. Rates have now hit the highest level in 15 years it’s the 13th time that the Bank of England has increased bank rates, with its Monetary Policy Committee (MPC) voting by a majority of seven to two to raise rates by…
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More than 2 million people over 65 are known to be living in poverty, with at least a further 1 million also experiencing financial hardship according to research by Independent Age. In a survey of more than 1,000 people over 651, national charity Independent Age has found that one in seven (14%) people over 65…
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Latest UK Finance has found that the number of interest-only homeowner mortgages fell 6.9% to 702,000 last year compared to 12 months. The figures for partial interest-only home loans fell by 11.9% to 222,000 over the same period. There are now 924,000 interest-only mortgages outstanding, just over one quarter of the 3.2 million that…
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Over 50s in the UK have spent more than £4.4 billion on cars for their kids and grandkids over the past five years, according to the latest research from over 50s experts SunLife. SunLife’s new Life Well Spent report has revealed that 25% of over 50s – rising to 29% of retired over 50s – have given significant…
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Latest Bank of England data £48.9 billion of new mortgages were approved for the coming months down 16.1% in a quarter, 40.7% in a year and the lowest since Q2 2020.The figures showed that £58.8 billion in mortgages was borrowed in the first three months of 2023 down 23.6% in a year and the lowest…
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New research by lender, Together has found that over half (53%) of adults with a credit blip have revealed that it has impacted their ability to get a mortgage, with the figures rising to 86% of those aged 18-34. The specialist lender’s survey also shows that among those who’ve had a mortgage application rejected, a…
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Rates on consumer credit products either remained steady in May or registered small declines, according to analysis of the latest Bank of England data from Freedom Finance. The figures showed that on average quoted household interest rates came despite market volatility leading to disruption in the mortgage market with widespread product withdrawals and notable increases…
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New research by Oxford Economics has forecasted that interest payments on mortgages, credit cards, car loans and other borrowing will grow to 5% of household income by the end of this year. The increase is up from 1.5% at the end of 2021, and the highest proportion since the end of 2008. The rise is…
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HSBC has withdrawn all residential, buy-to-let and business mortgage deals after being overwhelmed by a rush of customers seeking to lock-in deals before rates rise. The lender, which accounts for almost a quarter of the home loans market, said it would relaunch its products next week. Recent rises in yields on government debt have prompted…
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New research from interactive investor shows that younger workers on an average salary for their age would take 13 years from age 21 to save enough for a 10% deposit on an average-priced house costing £285,000, taking them until 34 years old, assuming they saved 10% of their take-home pay. In contrast young workers in…
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