Financial Services

One in ten homeowners aged over 55 still have interest-only mortgages

Research from over-60s property experts Homewise suggests that up to one in ten over-55s homeowners across the UK are still paying interest-only mortgages therefore facing the prospect of clearing their debt when the deal runs out. 

1.3 million people helped by the Money Advice Trust in 2015

  The Money Advice Trust t helped 1.3 million people to tackle their debts and manage their money last year.

Shawbrook expects £9 million impairment charge

Irregularities at Shawbrook Group expected in the second quarter of 2016

Gross mortgage borrowing of £12bn in May was 10% higher than last year

Borrowing in the first five months of 2016 was £67.5bn compared with £51.7bn in the same period of 2015. British Bankers Association (BBA) High Street Banking Statistics

Santander to launch leasing product for consumers and businesses

Santander Consumer Finance UK (SCF) product to be sold through brokers and dealerships

Sutherland Mortgage Services permissions authorised by the Financial Conduct Authority (FCA)

New mortgage servicing firm in the UK has been granted a full range of mortgage permissions by the Financial Conduct Authority (FCA)

British Bankers Association (BBA) members vote in favour of trade Association merger

The BBA will now join the Council of Mortgage Lenders, Payments UK and UK Cards Association in a new trade association representing the financial services industry after 94% of its voting membership found in favour of the proposal.

Financial Conduct Authority (FCA) admits it now takes half a year to get authorised

Average processing times for authorising have been increasing over the past year and (as of the end of March) sat at nearly 25 weeks.

Drydensfairfax mortgage administration permissions authorised by the Financial Conduct Authority (FCA)

This means that drydensfairfax is now fully authorised to administer a regulated mortgage contract and offer dual regulated and highly compliant services such as mortgage shortfall recoveri

West Bromwich Mortgage Company loses legal case

West Bromwich Mortgage Company needs to pay more 6,000 landlords around £27.5 million back following a Court of Appeal ruling on raising its tracker mortgage rate.

Money Advice launches Vulnerability Guide advising agencies on treating clients in vulnerable situations fairly.

David Barral joins Vantage Finance as Chair

Poor Service results in Protest Debt

Research by Echo Managed Services suggests that consumers are purposely withholding payments as a result of poor customer service or billing issues. Full details of the report can be found here.