Credit, Collections & Insolvency News
Latest figures from the Equity Release Council for Quarter 2 (Q2) showed that the total equity release lending figure of £664 million was down 5% from the previous quarter, making it the quietest since lending quarter since Q3 2016 when £571 million was lent. The number of active customers in Q2 rose slightly to 17,028,…
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In 2022, in England, the average house price was £275,000 and the average annual disposable household income was £33,000, so houses cost 8.4 times income according to latest Office for National Statistics (ONS). The ONS affordability threshold is five times earnings and we have been above this since 2017. In England, only the top 10%…
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The Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following a consultation. The regulators say that the revised scheme will provide clarity around what people can expect when they complain, making it more transparent and user-friendly.…
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Almost two in ten buy-to-let landlords (18%) said they would not raise rents for their tenants if their own mortgage rate increases when they come to remortgage whilst two in ten landlords (21%) were unsure what to do and 61% said they would raise the rent, according to research undertaken by Landbay. Over the past…
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With raising rates and high inflation dominating the headlines over the past year, many renters are putting off their buying plans until property becomes more affordable, according to the latest research from The Mortgage Lender (TML). Almost one in five (19%) renters say that high mortgage rates mean they can’t afford to buy now and…
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Over £55.5 million of fraud was prevented last year thanks to the Banking Protocol rapid scam response scheme, according to the latest figures from UK Finance. The Banking Protocol is a UK-wide scheme developed by UK Finance, National Trading Standards and local police forces. Bank and building society staff are trained to spot the warning…
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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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New Freedom of Information (FOI) data from the FCA gathered by Quilter, the wealth manager and financial adviser has revealed that the number of people taking out mortgages with terms of 35 years or more hit a high of 88,059 in 2022 compared to just 40,471 in 2018, a 117% increase. The news comes after…
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The number of people over the age of 55 turning to lifetime mortgages is rising according to research by Bower Home Finance. The analysis says that the is rise is a bid to ease rising costs and interest rates. A lifetime mortgage allows enables homeowners aged 55 and above to access tax-free cash by release…
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16 million people are still unaware you can get into debt using ‘Buy Now Pay Later’ (BNPL) services*, according to research from lender, Creditspring. A third of people (31%) still don’t think that BNPL purchases can lead to debt, however, this jumps to over half (51%) for those aged 18-24 who are 29% more likely…
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The cost of living is causing more young people to become dependent on the use of credit to manage their finances according to new research Moneyhub Decisioning. The research has found that in the last six months, a quarter (24%) of people under the age of 35 have applied for an overdraft, of which 21%…
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The Financial Conduct Authority (FCA) is to target those using social media to promote financial products or services, amid concern over firms selling crypto schemes and financial products via misleading adverts. The regulator is set to issue guidance to modernise the information firms should use when promoting financial products or services online. This comes as…
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Latest figures have indicated that pay growth is set to hit a 21-month high with EY ITEM Club stating that it will reinforce the Monetary Policy Committee’s (MPC) concerns about inflation persistence. Private sector pay growth also increased and remained well above the Bank of England forecast. EY says that while a surprise rise in…
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