Credit, Collections & Insolvency News
New research by Rightmove has found that first-time buyers now need an additional £12,000 for a 15% deposit on a property. The new analysis has found that the average first-time buyer’s 10% deposit has increased to £24,189, jumping to £36,284 if a 15% deposit is needed Whilst The current average asking price of a typical…
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Mortgage breaks taken by 1.6 million homeowners could cost them at least £821 million in extra interest according to new analysis. Research by mortgage broker L&C Mortgages has shown that the mortgage breaks taken by 1.6 million homeowners due to the COVID-19 pandemic could cost them at least £821 million in extra interest. Figures calculated…
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The Ministry of Justice Mortgage and Landlord Possession has published its latest mortgage and landlord possession statistics for England and Wales for January to March 2020 which indicates that mortgage possession claims have decreased. Compared to the same quarter last year, mortgage possession claims have decreased by 18%. This follows a three-and-a-half-year period of relative…
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The Financial Conduct Authority (FCA) has confirmed a series of temporary measures to help customers who hold insurance and premium finance products and who may be in financial difficulty because of coronavirus (Covid-19). Following a short consultation, the targeted measures being implemented require firms to consider what options they can provide to customers including: Reassessing…
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Landlord and Tenant Solicitors firm, Landlord Action, says that any extension to the ban on evictions could cause financial ruin to landlords who already had possession cases for rent arrears going through the courts prior to the ban. Some landlords with pre Covid-19 possession cases will find themselves trying to cover more than a year’s…
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Young people are finding it increasingly difficult to pay their bills, as the economic impact of COVID-19 continues to hit household finances and the wider economy. According to the third week of comparethemarket.com’s Household Financial Confidence Tracker, a quarter (25%) of those aged 18 to 24 struggled to make ends meet over the last week…
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Coronavirus has left leaves millions of drivers worried about cost of their car finance, with 1.9 million motorists concerned about making their car finance payments. The research by GoCompare Car Insurncefound that 2.9 million drivers are worried about affording their car insurance, whilst 3.2 million drivers are worried about affording to get their car serviced,…
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Nationwide Building Society has used artificial intelligence (AI) to trains a virtual assistant to help provide customer support. The building society is using its virtual assistant to answer questions about mortgage support for those impacted by coronavirus. The software, called Arti, has been supporting the Society’s frontline teams by learning how to respond to some…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in March 2020 by 16% compared with the same month in 2019, and contracted by 4% in Q1 2020 as a whole. Credit card and personal loan new business together fell in March 2020 by 10% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that new business volumes in the consumer car finance market fell in March 2020 by 27% compared with the same month in 2019, and by 13% in Q1 2020 as a whole. The consumer new car finance market reported new business volumes 29% lower…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes fall by 14% in March 2020. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The disruption caused…
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Nearly 1.2 million payment holidays on credit cards and personal loans have been granted by UK banks for customers struggling with the COVID-19 outbreak. New figures from UK Finance have shown that almost 700,000 customer accounts have been given a payment holiday on their credit card. with another 470,000 payment holidays agreed on personal loans.…
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The Finance & Leasing Association (FLA) has renewed its call to the Government and the Bank of England to take urgent action to support the non-bank lending market. New figures released by the FLA show that ist members provided just over £138 billion of new business in the twelve months to March 2020. Of this…
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