Credit, collections & insolvency news
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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The Financial Conduct Authority (FCA) has fined TSB £10.9m, having found that the bank’s systems put customers at risk of harm. An investigation found that TSB failed to treat customers in arrears fairly, with more than 230,000 mortgage, overdraft, credit card and loan customers found to have been affected and were paid £100m in redress.…
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Latest Bank of England Money and Credit data has shown that consumer credit by individuals amounted to £1.3 billion in August, a slight increase from £1.2 billion in July, which continues to be the highest since November 2022. August consumer credit borrowing slightly dropped to 7.6% year-on-year from the 7.8% seen in July. The data…
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Around 8.3 million individuals have experienced adverse credit in the last three years according to research by Pepper Money. Those who say they’ve missed a credit payment, nearly half (46%) say they have gone on to miss more than one payment. However, 1.76 million potential borrowers with adverse credit have plans to buy a property…
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The Bank of England has announced that it has held interest rates at 5% for a second month. The committee voted 8:1 to keep rates on hold, with one vote for a cut. Commenting on the announcecment, Grace Brownfield, Senior Influencing Manager at the Money Advice Trust said “Millions of homeowners are already under pressure…
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Following the cut in the Bank Rate last month, the first since March 2020, almost half of UK adults (44%) think that based on the current economic conditions the Bank of England’s Monetary Policy Committee (MPC) should cut the Rate again at lunchtime today. Around a quarter (23%) want to see a 0.50 percentage point…
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New research by Finova has found that one in five (19%) of homeowners feel that the technological features offered by lenders are falling short of their expectations. The study found that a considerable 42% of respondents still believe that speaking on the phone is the most effective method to address queries about their mortgage. The…
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New research by Go.Compare home insurance has revealed that 26% of consumers want to sell up and move on More outdoor space is the reason for 23% of those looking for a new abode, with the exact same percentage saying they need more indoor space. 18% of those wanting to move house cite better parking…
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New figures released by the Finance & Leasing Association (FLA) show second charge mortgage new business volumes grew by 25% in July 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 “The…
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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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