Credit, Collections & Insolvency News
Buy to let mortgage lender Molo has announced an open banking technology partnership with Experian. Molo is the UK’s first fully digital mortgage lender has streamlined the traditionally painful mortgage process, granting near-instant decisions, along with fair, secure, direct-to-customer lending. No paper, no appointments, no middlemen and no months of waiting for a decision –…
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One in three (36%) people in the UK say they would be in financial arrears within a month if they were to lose their jobs tomorrow, according to new research by AA Financial Services. This figure rises to a staggering one in two (51%) amongst people who rent their homes. The findings come at a…
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New research from Engen Group, the UK based innovation and property business focusing on addressing environmental challenges such as affordable and sustainable housing, reveals that 26% of people with adult children have given them money as a ‘gift’ to help them on to the property ladder. A further 7% have provided them with loans to…
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A new study at the London School of Economics and Political Science (LSE), funded by MoneySavingExpert.com founder Martin Lewis, will look to find solutions to unchain 170,000 ‘mortgage prisoners’. The research is the latest step in Martin and MoneySavingExpert’s long-running campaign to help homeowners trapped on expensive mortgages. Its aim is to find evidence-based policy…
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Poverty rates fall from 35 per cent to 18 per cent when people move into work – but even sustained employment does not eliminate in-work poverty for too many households, highlighting the need for wider support, according to new research published today (Tuesday) by the Resolution Foundation in partnership with Clarion Housing Group. With almost…
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Customers took advantage of record low rates and increasing product flexibilities to access £3.92 billion of property wealth in 2019 despite a cautious economic climate, according to year-end market figures from the Equity Release Council, the sector trade body. The market has witnessed steady growth in the space of a decade, with the amount accessed…
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Bank of England figures have revealed that mortgage approvals have reached their highest level in almost two and a half years, with the number approved for house purchase in December increasing to 67,241 from 65,514 a month earlier. The value of mortgage lending meanwhile was up by £4.55bn, compared with an average of £4.2bn over…
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In the year up to November 2019, UK households borrowed almost as much as the Government, demonstrating that debt remains both a private and public sector issue, according to the January 2020 Money Statistics, produced by The Money Charity. The latest data available from the Bank of England and ONS shows that UK households borrowed almost…
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Here is an overview of The Money Charity’s latest statistics for January 2020 Personal debt in the UK People in the UK owed £1,669 billion at the end of November 2019. The average total debt per household, including mortgages, was £59,982 and per adult was £31,643, around 111.6% of average earnings. Net mortgage lending rose…
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New research from TransUnion has highlighted the importance of trust and says that empowering and educating consumers is essential for lenders to compete in a changing financial landscape TransUnion’s new white paper, which examines consumer credit behaviour in the UK, unveils key trends and themes for lenders to note as we embark on a new…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in November 2019 by 2% compared with the same month in 2018, and held steady in the eleven months to November 2019. Credit card and personal loan new business together grew in November 2019 by 2% compared with…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business volumes increased by 14% in November 2019 Commenting on the November 2019 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “The…
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A new Collections Technology Think Tank has been launched by Credit Connect Media. The event will examine collections technology strategies to increase effectiveness and efficiency. The inaugural Collections Technology Think Tank powered by Credit Connect will take place on Thursday 11th June at the Marriott Hotel in Leeds. The event will focus on how collections teams can…
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