Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes grew by 32% in October 2024 Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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Mortgage lending rose for the second consecutive quarter to reach £41.4bn in Quarter 3 (Q3), up 15% compared to the same three months of last year, according to latest data UK Finance. Mortgage activity throughout 2024 has been very sensitive to changes in product pricing. In the third quarter, as lenders were able to reduce…
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Latest Data from the Bank of England shows that UK lenders approved the most mortgages in more than two years in October, with 68,300 home loans given the green light. This was the highest monthly total since August 2022 and compares to 66,115 approvals in September. While brokers had been anticipating a rebound in activity…
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New research by Halifax has found that homebuying is becoming more affordable relative to income. The analysis based on data from the Halifax House Price Index compared typical house prices to average earnings across the UK. House prices have increased by +3.8 % compared to a year ago, reaching an average of £292,508. Meanwhile, annual earnings…
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Latest data from the Building Societies Association (BSA) has shown that mortgage balances, in the sector, grew by £11.7 billion, accounting for 72% of the mortgage market growth during the period. This follows 2023 where building societies were responsible for all the growth in the mortgage market, as overall mortgage balances at other lenders reduced…
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Latest data from UK Finance has shown that there were 33,840 new loans advanced to older borrowers in Q3, up 2 per cent year on year. The value of this lending was £5.2bn, which was up 9.7 per cent compared with the same quarter a year previously. There were 5,830 new lifetime mortgages advanced in…
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New data analysis by Hargreaves Lansdown has found that in 2023/24, 30% of people had a mortgage, 35% owned outright, 19% rented privately (32% in London) and 16% rented from the social sector. The average weekly mortgage payment in England was £222. Outside London, it was £209 (up £47 in a year) and in London…
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A new report by Lenvi has revealed that four-fifths (81%) have borrowed money – with the most popular form of loan being the ‘bank of mum and dad’ (40%). However, parents and guardians may be pulling some strings to make this happen – in this instance, driving themselves into debt – to support their children.…
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Mortgage lending is set to grow 1.6% this year (up from – 0.1% in 2023), 2.6% in 2025 and 3.3% in 2026, as housing affordability improves according to new analysis by EY ITEM Club. The forecast is on the proviso that inflation and interest rates continue to gradually fall following August and November’s Bank of…
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The Bank of England’s Monetary Policy Committee (MPC) has voted to cut the base rate by 0.25% to 4.75%. MPC voted 8-1 to cut rates, with the dissenter preferring to leave cuts unchanged at 5%. Inflation is expected to increase to around 2.5% by the end of the year, from 1.7% in September. Steve Vaid,…
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Latest Bank of England Money and Credit data has shown credit borrowing by individuals was £1.2 billion in September, down from £1.4 billion in the previous month. Commenting on the date Tom Cuppello, Director, Risk at Broadstone said “Consumer confidence has suffered in the run up to the Budget which appears to have hit borrowing…
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Latest Bank of England Money and Credit data has shown that mortgage approvals increased in September for the fourth consecutive month. Net mortgage approvals for house purchases rose from 56,100 in January, to 60,400 in February. Net approvals for remortgaging also increased, from 30,900 to 37,700 during this period. Individuals borrowed, on net, £1.5 billion…
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The Financial Ombudsman Service (FOS) received 101,031 complaints about banking and credit cards in the first half of the year, with this almost double the 56,690 recorded in the first six months of 2023. Across all products, the first six months of 2024 saw 133,019 new complains logged with the FOS. This marks a 40%…
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