Credit, collections & insolvency news
As the Bank of England recently cut the base rate from 5.25% to 5%, new analysis by Compare the Market has found that homeowners on a standard variable rate (SVR) mortgage could save up to £330 a month by switching to a fixed rate deal, the equivalent of £3,960 a year. As interest rates have…
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The latest Barclays Property Insights report found that growth in rent and mortgage spending slowed to the lowest rate in 17 months, following the Bank of England’s base rate reduction on 1st August. In response, consumers are feeling more confident in their household finances, though some concerns around rent and mortgage affordability remain. Meanwhile, housing…
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UK Finance has released its latest Household Finance Review for Q2 2024 which highlighted that mortgage borrowing in Quarter 2 (Q2) had increased by 19% for first-time buyers (FTBs) and 15%have for movers when compared with the same period last year. The rise was driven by the spike in mortgage applications we saw late last…
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Latest Money and Credit statistics from the Bank of England have shown that mortgage borrowing in July reached its highest level in nearly two years at £2.8 billion, up from £2.6 billion in June, the highest since November 2022 (£3.3 billion). Mortgage approvals in July were also at a near two-year high, while net consumer…
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UK Finance has published its latest data on later life mortgage lending for Q2 2024 which reveals that there were 5,610 new lifetime mortgages advanced in the Quarter, down 16.9% year on year. The figures show 32,990 older borrowers (aged 55 and over) took out mortgages in Q2 2024, up 8.34% in a year, 8,670…
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New research by Mojo Mortgages’ data has revealed that extending a mortgage from 25 to 35 years can cost the average first-time buyer an extra £87,180. The data found based on the average mortgage rate and house price, extending your mortgage rate by 1 year can cost an additional £8,472. 2 years can cost an…
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The Bank of Mum and Dad provided £9.4 billion to first-time buyers last year, almost double the amount given five years ago, according to an analysis of UK Finance data by Savills. The research found that 57% of mortgaged buyers joining the property ladder in 2020 received help from parents or other family members. This marked the…
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New data analysis from the Mortgage Advice Bureau shows that one in three people have delayed buying a home because of financial pressure stemming from matters such as high interest rates, steep rents and rising costs. The research shows that a fifth have taken on an extra job to increase their funds. In 1980, the…
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A third of private sector landlords would sell properties they let if rent controls were introduced, according to new research by consultancy Pegasus Insight, The research found that in the second quarter of the year 82 per cent of landlords in England and Wales reported strong demand for properties from tenants. Demand was strongest in…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in June 2024 by 8% compared with the same month in 2023. In the first half of 2024, new business in this market held steady compared with the same period in 2023. The credit card and personal loans…
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The Bank of England has voted to cut interest rates for the first time since March 2020, with the Monetary Policy Committee (MPC) choosing to cut the base rate, which has stood at 5.25% since August last year, to 5%. The decision comes with inflation having held at the Bank’s target rate of 2% in…
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Consumers borrowed £2.7 billion of mortgage debt in June, up from £1.3 billion in May according latest Bank of England data. Net mortgage approvals for house purchases remained broadly stable at 60,000 in June, while approvals for remortgaging decreased from 29,300 to 27,500 over the same period. The annual growth rate for net mortgage lending…
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New data from Hargreaves Lansdown has found that around 1.5 million people will need to remortgage throughout 2024. The research also showed that one in five (18%) of those who have had to remortgage onto a higher rate since the end of 2022 have ‘poor’ or ‘very poor’ financial resilience compared to one in eight…
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