Credit, Collections & Insolvency News
Latest data from the Bank of England has shown that the outstanding value of all residential mortgage loans increased by 0.7% from the previous quarter to £1,746.1 billion, and was 2.6% higher than a year earlier. The value of gross mortgage advances decreased by 12.3% from the previous quarter to £69.6 billion, and was 10.2%…
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Brits are projected to splash out an estimated £6.6 billion on spontaneous spending while on holiday abroad this year as they look to make the most of their overseas breaks, research from savings app Spring has revealed. A survey of 2,000 Brits found that 79% of holidaymakers admit to spending extra on spontaneous purchases while…
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The Financial Conduct Authority (FCA) has outlined plans to widen access to mortgages for groups including first-time buyers, older borrowers and self-employed people. Proposals include expanding access to interest-only and part interest-only loans, easing later-life borrowing rules and encouraging lenders to assess applicants based on their current financial circumstances rather than relying heavily on past…
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Ten years after the Brexit referendum, UK Finance, in partnership with Freshfields, has launched a report outlining its vision for the UK and EU relationship in financial services. Unlocking Growth Through a Stronger UK-EU Financial Services Partnership calls on the EU and the UK to place financial services on the agenda for the upcoming Leaders’…
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As part of the joint regulatory taskforce, the Financial Conduct Authority (FCA) has warned customers to be wary of misleading car finance ‘money tips’ adverts issued by claims management companies (CMCs) and law firms on social media. The taskforce has identified a growing number of adverts that appear to offer independent advice from an individual but…
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Mortgage activity continued to moderate in May as search volumes declined across all major lending categories, according to the latest Mortgage Market Snapshot from Twenty7tec. The data shows total mortgage searches reached 1,590,911 during May 2026, down 7% compared with April and 15% lower than May 2025. Residential searches totalled 1,341,508, representing a 7% monthly…
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The number of consumers returning to the high street continued to fall in May, according to data from the British Retail Consortium (BRC) (This is Money). Data showed a 2.6 per cent decline in footfall in May compared to the same time last year, although this is better than the year-on-year drop of 10.7 per…
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A new report from Pensions UK has warned that most workers are not saving enough for even a ‘moderate’ lifestyle during retirement. The Retirement Living Standards report argues that rising bills have pushed a moderate retirement, priced at £32,700 a year for one person or £45,400 for a couple, further out of reach, with only…
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Latest Bank of England data has shown that mortgage approvals reached a 15-month high of 65,900 in April, a 3% increase from March. Net borrowing of mortgage debt by individuals fell to £4.4 billion in April, from £6.8 billion in March, below the previous 6-month average of £5.1 billion. Approvals for remortgaging were broadly unchanged…
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Boss of firm which sparked almost 38,000 complaints over high-interest loan spam texts banned as company director until 2032. Leanne Richardson was the director of ESL Consultancy Services Ltd, which generated almost 38,000 spam text complaints. ESL Consultancy Services Ltd was fined £200,000 by the Information Commissioner’s Office (ICO) but went into liquidation without paying…
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Average mainstream house prices are expected to fall by 2% in 2026, as higher mortgage rates reduce demand, according to property firm Savills’ revised mainstream housing forecast. The report, however, states that there remains good capacity for house price growth in the medium term, as economic prospects are expected to improve and the market becomes…
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Latest data from UK Finance shows that there were 36,050 new loans advanced to older borrowers in Q1, down 4.8 per cent year on year. The value of this lending was £6 billion, up 0.3 per cent from the same quarter a year earlier. There were 5,300 new lifetime mortgages advanced in Q1, down 8…
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Buying a first home is one of life’s biggest milestones, but for many, the process comes with confusion and uncertainty. L&G’s survey of 2,000 UK homeowners found that both moving house (48%) and buying a home (35%) are considered more stressful than a divorce or romantic breakup (33%). Even with careful planning, the costs of…
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