Credit, Collections & Insolvency News
Homebuyers are experiencing the highest mortgage affordability pressures in nearly 20 years, with repayments consuming 21.3% of gross income, according to UK Finance. The data showed that 723,000 house purchase mortgages advanced in 2025, up 17 per cent year-on-year with average borrower spends 21.3 per cent of gross income on repayments. The analysis shows significant…
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Latest data from the Bank of England has shown that consumer credit growth climbing to 8.9%, exceeding the 8.6% recorded in February. Within this total, the annual growth rate for credit card borrowing increased to 12.3% from 12.1% a month earlier. Consumer deposits with banks and building societies increased by £5.5 billion in March. The…
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Latest data from Rightmove has found that higher mortgage rates have pushed monthly repayments above the cost of renting for the first time since June 2025. The average advertised monthly rent across the UK is currently £1,547, compared to an average new monthly mortgage payment of £1,670. Rightmove used the current average asking price for…
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The Financial Conduct Authority (FCA) has published a review into whether Annual Percentage Rates (APRs) help consumers understand borrowing costs, with the regulator seeking views on whether it should change how these are communicated in credit advertising. APRs indicate the yearly cost of borrowing, including interest and fees. A representative APR means at least half…
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Mortgage adviser activity rose sharply in March, with total searches reaching 2,150,593, as borrowers responded to ongoing economic uncertainty and shifting mortgage pricing, according to the latest Mortgage Market Snapshot from Twenty7tec. Data from Insight Pro shows this represents a 19% increase compared with February and a 17% rise year on year, marking the highest…
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Latest data from the Royal Institution of Chartered Surveyors (RICS) has found the market losing momentum as rising borrowing costs and wider geopolitical uncertainty weighed heavily on buyer confidence and sales activity. New buyer enquiries fell to a net balance of -39%, down from -29% in February, marking the weakest reading since August 2023. Agreed…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 5% in February 2026 compared with the same month in 2025. In the first two months of 2026, new business in this market was 4% higher than in the same period in 2025. The credit card and…
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Some of the UK’s leading lenders have expressed their frustrations with UK banking regulation in a new report from the Association for Financial Markets in Europe (AFME). AFME welcomes the FPC’s move to lower its benchmark for Tier 1 capital requirements, which reflects both the effectiveness of postcrisis reforms and improvements in risk measurement. However, AFME cautions that a reduction…
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Mortgage rates have risen significantly since the start of the war in Iran, leaving homeowners facing steep increases in monthly payments – at a time when living costs are already rising across the board, warns Sprive. According to Moneyfacts, the lowest available 2-year fixed deal before the start of the conflict in the Middle East…
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Latest Bank of England data has shown that net borrowing of mortgage debt by individuals increased to £4.8 billion in February, from £4.2 billion in January. The rise in February is also above the previous six-month average of £4.5 billion. The data also shows that net mortgage approvals for house purchases increased to 62,600 in…
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The Chancellor and Economic Secretary brought together the six largest banks and building societies, alongside UK Finance, to take stock of the impact of the conflict in Iran on households and small businesses. The Chancellor secured a commitment from lenders present to proactively contact 1.6 million customers whose fixed-rate deals end between now and the…
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Borrowers face £4.6K payment shock as fixes with the average mortgage rate hitting 5.50% for the first time since August 2024 according to new market analysis by Moneyfacts. The data showed that the rate rose from 4.89% on Monday, 2nd March 2026, to 5.50% on Wednesday, 25 March 2026. As a result, the typical annual cost…
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The number of Africans applying for, or planning to apply for a UK mortgage is falling as foreign nationals continue to struggle to navigate the UK home loan system, according to research by Afin Bank. The research by the specialist lender found that 38% had a mortgage in 2026, compared with 48% in 2025 and…
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