Financial Services

Seven in ten landlords plan to increase rent when remortgaging

17th February 2023 Consumer Lending | #rent increases

Almost seven in ten (68%) landlords plan to raise rents if their mortgage rate goes up when they come to remortgage, new data from Landbay has revealed. The research found that 44% of landlords said they expect to increase rent by 6-10% if their mortgage rate increases. Of those who intend to raise rents, 70%…

Cost of fraud returns to pre-pandemic levels

17th February 2023 Consumer Lending | #fraud

The total value of alleged fraud cases £100,000 or above heard in UK courts increased by 151% from £444.7m in 2021 to £1.12bn in 2022, according to data released in KPMG UK’s latest Fraud Barometer. The figure for 2022 is similar to pre-pandemic values which saw a total value of £1.1bn for alleged fraud cases…

Third of drivers less likely to commit long-term car finance

16th February 2023 Consumer Lending | #motor finance

A third of drivers (32%) say that they are far less likely to replace their existing car by committing to a long-term (three-year) lease than they were 12 months ago, an independent study has research by Mmobility provider Sogo has found. The findings also indicate that only 14% of drivers would be much more likely to…

Shoppers spent £8bn in January whilst BNPL use increases

14th February 2023 Alternative Consumer Lending | #BNPL #spending

Consumers Spent £8 billion online in January whilst the use Use of Buy Now Pay Later (BNPL) rose to 12% according to research by Adobe analytics The data shows that UK consumers spent £8 billion online in January, 26.7% less than in December 2022, and a year-on year decrease of 1.4%. It also identified an…

Amigo avoids fine but faces FCA censures over affordability checks

14th February 2023 Alternative Consumer Lending | #Amigo Loans #FCA

The Financial Conduct Authority (FCA) has publicly censured Amigo Loans for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA says it would have imposed a fine of £72.9 million however Amigo demonstrated that this would cause it serious financial hardship. A fine would also have threatened Amigo’s ability to meet its…

Bank of mum and dad drives increasing economic inequalities in early adulthood

13th February 2023 Alternative Consumer Lending | #bank

New research by Institute for Fiscal Studies (IFS) has found that billions of pounds loaned by the ‘bank of mum and dad’ to help with property purchases and to boost the finances of newly married offspring are helping to fuel rising levels of inequality. The research found that £17 billion is gifted or loaned informally…

Credit card rates dip after December repayments

9th February 2023 Consumer Lending | #credit cards

Analysis of the latest Bank of England data on average quoted household rates from Freedom Finance shows a mixed picture for the cost of consumer credit products at the start of 2023. Total credit card borrowing dropped in December as consumers repaid £0.5 billion of net credit card debt and this perhaps drove a more…

Half of first-time buyers need 20% price drop to consider buying

7th February 2023 Consumer Lending | #mortgages

Half of first-time buyers (FTBs) say house prices would need to fall up to 20% for them to consider buying according to research by Uswitch.com With December being the fourth consecutive month of house price falls, and mortgage payments for first-time buyers at the highest since the 2008 financial crisis, many prospective buyers are split between…

Proposals to reimburse victims of fraud are fundamentally flawed

6th February 2023 Consumer Lending | #payment fraud

A report from the House of Commons Treasury select committee has criticised the Payment Systems Regulator (PSR) for planning to hand off responsibility for recompensing individuals targeted by scams to payments operator Pay.UK. The select committees says fraud is the most common crime in England and Wales, and one of the most reported in Scotland.…

Consumer credit growth forecasted to grow by 4.8%

6th February 2023 Consumer Lending | #consumer credit

Consumer credit is forecasted to grow by 4.8% this year, increasing to 5.3% in 2024 according to EY Item Club predictions. Falling real incomes may to some extent weaken demand for big ticket items often funded by borrowing, a prospective recovery in the economy in the second half of this year is likely to boost…

Credit Union loans hit record high

6th February 2023 Alternative Consumer Lending | #credit union lending

New figures out this week from the Bank of England show that loans made to members of the UK’s 388 member-owned, not for profit credit unions stood at a record high of £1.92 billion in the third quarter of 2022. This was £51 million higher than the previous quarter and up £255 million compared with…

FCA blocks thousands of misleading adverts

3rd February 2023 Consumer Lending | #fraud

The Financial Conduct Authority (FCA) has required firms to amend or remove 8,582 promotions during 2022. The amendments were 14 times more than 2021. The FCA has also published over 1,800 alerts to help prevent consumers from losing their money to scams. Social media remains a major focus for the regulator’s work in combatting misleading…

Interest rates rise again – credit industry reaction

3rd February 2023 Consumer Lending | #interest rates

The Bank of England has increased the base rate by 50 basis points to 4%, marking the tenth consecutive increase. The bank rate has continued to increase since December 2021, when it stood at just 0.25%. Commenting on the rise Richard Lane, Director of External Affairs & Operating Subsidiaries at StepChange Debt Charity, said “The…

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