Credit, Collections & Insolvency News
Higher mortgage costs will mean almost 1.4 million households will need to spend at least 20% of their disposable incomes on repayments. According to the Institute for Fiscal Studies, in March 2022, households with a mortgage were spending an average of £670 per month on payments, £230 of which was interest. Now, mortgage-holding households face…
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New research from Vodeno/Aion Bank has revealed how embedded banking adoption is significantly boosting brand loyalty for companies, with consumers more likely to use embedded banking products from brands as a result of the cost-of-living crisis. The European Banking-as-a-Service (BaaS) provider’s study revealed that over a third (37%) are more likely to seek out brands…
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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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People are increasingly fed up with the job the Bank of England is doing setting interest rates to control inflation according to research by Hargreaves Lansdown. The research found that the number of people who are satisfied minus the number who are dissatisfied leaves us at minus 13% – worse than the February figure of…
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Signs that inflation is proving stickier than expected have raised market expectations for how high the Bank of England will raise interest rates, with total annual mortgage repayments now on course to rise by £15.8 billion by 2026, and by £2,900 for the average household re-mortgaging next year, according to new research published by the…
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With less than two months to go before the new Consumer Duty deadline, two-thirds (65%) of UK lenders admit they are yet to fully review the regulation requirements, according to new research from AI powered transaction analytics firm, Fuse. The FCA’s new Consumer Duty will come into force at the end of July 2023. It…
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New figures released by the Finance & Leasing Association (FLA) show that consumer car finance new business volumes fell in April 2023 by 15% compared with the same month in 2022. The corresponding value of new business fell by 16% over the same period. In the first four months of 2023, new business fell 8%…
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New figures released by the Finance & Leasing Association (FLA) have shown that consumer finance new business fell in April 2023 by 10% compared with the same month in 2022. In the first four months of 2023, new business was 4% lower than in the same period in 2022. The retail store and online credit…
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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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More than half (52%) of disabled bank customers say that bank branch closures have had a negative impact on their ability to access vital banking services, amid widespread closures by high street firms, a Which? survey has found. The consumer champion surveyed over 2,700 bank customers with disabilities and found some face major obstacles when…
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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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Rising mortgage rates are set to cost homeowners an extra £9 billion this year and into 2024, according to the Centre for Economics and Business Research (Cebr). The research found that the volatility in the mortgage market has intensified as major banks swiftly withdraw their mortgage offerings, creating more uncertainty for potential homebuyers and homeowners…
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