Credit, Collections & Insolvency News
New Freedom of Information (FOI) data from the Financial Conduct Authority (FCA), analysed by Quilter, has revealed a significant rise in the number of people taking out mortgages with a term of 35 years or more. In 2024, 30,338 mortgages with a term of 35 years or more were sold to people aged over age…
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A survey commissioned by the Building Societies Association (BSA), which represents UK mutual lenders like building societies and credit unions, found that 59% (nearly a third) of renters aged 25 to 44 had expected to be homeowners by now. Of those, 33% believe they will never own a home, while 31% hope to buy within…
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The Financial Conduct Authority (FCA) has published a package of reforms to the mortgage market rules to support borrowers to find it easier to remortgage, saving time and money. The FCA says that under the new changes, borrowers will find it easier to reduce their mortgage term, helping to lower the total cost of borrowing…
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Lenders said they lifted the availability of household secured credit in the three months to the end of May and expect to do so again over the coming quarter, according to a latest Bank of England survey. The survey found that lenders reported that the availability of both secured and unsecured credit to households increased…
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Latest ONS data has shown that the average cost of monthly private rents increased by 7%, to £1,339, in the 12 months to May 2025 (provisional estimate); this annual growth rate is down from 7.4% in the 12 months to April 2025. The data showed that average rents increased to £1,394 (7.1%) in England, £799…
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UK Finance has published its later life mortgage lending update for Q1 2025 which showed that there were 38,510 new loans advanced to older borrowers in Quarter 1 (Q1), increased 33.5 per cent year on year. The value of this lending was £6.1 billion, which was up 42.6 per cent compared with the same quarter…
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Latest Bank of England data has shown that net borrowing of consumer credit was £1.6 billion in April, up from £1.1 billion in the previous month. Within this, net borrowing through credit cards increased to £0.8 billion in April, from £0.4 billion in March. Net borrowing through other forms of consumer credit increased slightly to £0.8…
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New data from UK Finance has shown that the average first-time buyer mortgage term is now 31 years. The data also showed that mortgage lending surged in the first quarter of 2025 (Q1), driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Mortgage completions rose sharply in the first…
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New survey data from Landbay has found that nearly half of the Buy To Let (BTL) landlords (44%) plan to raise rent in response to the new Renters’ Rights Bill. Landlords with portfolios of between four and 10 properties are most likely to increase rents (32%), closely followed by those with between 16 and 30…
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New research by Compare the Market has shown that 469,192 homeowners who took out mortgages in 2020 are facing a substantial increase in monthly payments as they come off five-year fixed-rate deals that had an average interest rate of 2.11%. Any of these homeowners who move onto their current lender’s standard variable rate (SVR) could…
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The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
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Latest Barclays property insight data has shown that rent and mortgage spending increased 5.2 per cent year-on-year in April, down slightly from 5.4 per cent in March, as many lenders reduced mortgage rates. Confidence in household finances remained consistent month-on-month at 70 per cent, while many UK homeowners are taking prudent steps to decrease their…
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New analysis from UK Finance has warned that increasing reliance on family support from the Bank of Mum and Dad risks deepening inequalities in the housing market, highlighting the impact of family financial support in the first-time buyer (FTB) market. Nationally, first-time buyers who receive assistance are able to buy a home at an average…
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