Credit, Collections & Insolvency News
Here is an overview of The Money Charity’s latest statistics for October 2019: Personal debt in the UK People in the UK owed £1,650 billion at the end of August 2019. This is up from £1,604 billion at the end of August 2018, an extra £876 per UK adult over the year. The average total…
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The Financial Conduct Authority (FCA) has confirmed that it has removed barriers that stop some mortgage customers from finding a cheaper mortgage deal. The rule change means that around 30,000 homeowners now have the freedom to move elsewhere. In some cases, so-called “mortgage prisoners” have previously been told that they cannot afford a new mortgage…
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A significant number (32%) of 18-34 year olds have had financial help from grandparents to get on the property ladder according to new research by Trussle. Nearly one-in-four prospective buyers expect help from their grandparents, whilst the research also identifies a growing trend of assistance with just 3% of over 55s previously receiving help from…
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Moray Hulme has been appointed as Director of Mortgage Sales at Paragon, expanding his remit to include product development for mortgages alongside continued leadership of the regional sales team. Prior to his new appointment, Hulme was Head of Mortgage Sales at Paragon and successfully led the regional sales team for more than ten years. He…
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Credit card spending in September 2019 reached was 10.1 per cent higher than in September 2018 according to the latest Household Finance Update from UK Finance, with over £11 billion spent on cards. The level of credit card borrowing grew by 3% in the year to September 2019. Repayments have remained in line with credit…
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The Irish Central Bank has published its Household Credit Market Report for 2019 as well as data and commentary on new mortgage lending under the mortgage measures during the first half of 2019. The report has found that Household debt-to-disposable-income (DTI) continued to decline, but remains the fifth highest in the EU. Household debt stood…
Read moreConsumers say banks should track their personal data to help them avoid debt problems according to a new report published by the Money and Mental Health Policy Institute, supported by Barclays. It explores how banks and building societies could monitor customer data to spot signs that people are at risk of falling into debt, such…
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Latest research from Kensington Mortgages, the specialist mortgage lender, reveals that homeowners were borrowing more in the second quarter of 2019. Broken down by type, the figures show that self-employed borrowers are more conservative than first-time buyers. The average self-employed mortgage customer in the UK could have taken out a mortgage 29% larger than the…
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The Financial Conduct Authority (FCA) has published the complaints figures for regulated firms for the first half of 2019. The data showed an increase in complaints from 3.91m in the second half (H2) of 2018 to 4.29m for the first half (H1) of 2019. The increase in complaints was mainly driven by a 34% increase…
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More than half (57%) of residential mortgage products currently available have a standard maximum mortgage term of up to 40 years according to new research from Moneyfacts. The figures show that 40-year mortgage products stand at 2,782, up from 2,412 products (55.55%) this time last year. Darren Cook, finance expert at Moneyfacts.co.uk, said “Historically, a…
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The number of first-time buyers in August reached the highest level since just before the financial crisis, according to the latest mortgage trends data by UK Finance, with 35,010 mortgage completions for new buyers – an increase of 0.7% on August last year. During the month there were 18,640 new remortgages with additional borrowing, down…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business held steady in August, and grew by 1% in the twelve months to August, compared with the same period last year. Retail store and online credit new business in August was at a similar level to the same month…
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New research from equity release lender, more2life, reveals that the proportion of over-55s who have been in debt in the last five years and have borrowed using credit cards has significantly increased over the past 12 months, from 37% in 2018 to 54% in 2019. The growing levels of unsecured debt among over-55s is also…
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