Credit, Collections & Insolvency News
Rates on consumer credit products either remained steady in May or registered small declines, according to analysis of the latest Bank of England data from Freedom Finance. The figures showed that on average quoted household interest rates came despite market volatility leading to disruption in the mortgage market with widespread product withdrawals and notable increases…
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New research by Oxford Economics has forecasted that interest payments on mortgages, credit cards, car loans and other borrowing will grow to 5% of household income by the end of this year. The increase is up from 1.5% at the end of 2021, and the highest proportion since the end of 2008. The rise is…
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A new study from Juniper Research, has found that spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023. Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared…
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HSBC has withdrawn all residential, buy-to-let and business mortgage deals after being overwhelmed by a rush of customers seeking to lock-in deals before rates rise. The lender, which accounts for almost a quarter of the home loans market, said it would relaunch its products next week. Recent rises in yields on government debt have prompted…
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New research from interactive investor shows that younger workers on an average salary for their age would take 13 years from age 21 to save enough for a 10% deposit on an average-priced house costing £285,000, taking them until 34 years old, assuming they saved 10% of their take-home pay. In contrast young workers in…
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Since the onset of the cost-of-living crisis, 6% of people have started borrowing for the first time, and 8% are borrowing more according to research by Hargreaves Lansdown. The research found that some groups are more likely to have stepped up their borrowing – including younger people, women, renters, and parents. Meanwhile, other groups have…
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New research by Equifax has found that over 367,000 fixed-rate mortgages are due to come to the end of their five-year deals over the next year. More than 70% of open mortgages are currently on a fixed-rate deal . The analysis also found that the majority of which have an average outstanding balance of £170,000. This…
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Figures from the Bank of England (BoE) show this was down from the 51,500 approvals in March and indicates the market is again declining after two months of slim growth. However the number of approvals for remortgaging increased slightly, from 32,200 to 32,500 during the same period. Overall the value of this net mortgage debt…
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Analysis by Moneyfacts has found that almost 10% of UK mortgage deals have been taken off the market in the past week. The analysis comes after higher-than-expected inflation figures prompted concern over how much interest rates will increase. The research shows that nearly 800 residential and buy-to-let deals have been pulled. While the number of…
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Global information and insights company TransUnion is working with personal credit platform Monevo and incuto to offer UK consumers improved access to credit and a broader range of affordable credit products. The joint initiative helps credit unions and community development finance institutions to offer their products to a wider audience via comparison websites, increasing competitiveness in the…
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Research by consumer lender Fluro found that there has been a 22% uplift in consumers making loan requests during April 2023, compared to the same period last year. As the cost of living squeezes personal finances, growing numbers of consumers are looking to consolidate their debts or shift spending behaviours. Compared to the same period…
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Meagre savings rates offered by high street banks are shortchanging customers by hundreds of pounds every year compared to deals from challenger banks, Which? analysis of rates stretching back three years has found. The consumer champion’s in-depth research looked at six types of accounts: instant access savings accounts and Isas; one-year fixed-rate savings accounts and…
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Equity release lending plummeted by 61% to £722 million in the first three months of the year compared to 12 months ago, following turmoil in the mortgage market after the mini-Budget according to research by equity release specialist, Key. The data showed that plan sales dropped from 12,551 to 6,975 while the value of new…
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