Credit, Collections & Insolvency News
Kensington Mortgages has announced that it has appointed Mark Foulsham as its Chief Operating Officer. Foulsham has over 30 years’ experience in the industry, having previously held positions at Scope, Surrey Innovations, CIO Connect and esure. He is also currently the founder and director of Keyenable Ltd, and on the advisory board at CIONET. Kensington…
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Retired homeowners are increasingly using property wealth to clear unsecured debts and mortgages to strengthen their later life finances, new data from the UK’s independent equity release adviser Key shows. The number of customers using money from their homes to pay off credit cards and loans hit a three-year high of 35% in Q1 2019 which…
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UK Finance has published its Q1 2019 figures for mortgage lending in Scotland, Wales, Northern Ireland, and London, which highlight steady growth across the regions. In Northern Ireland both the first-time buyer and remortgaging markets saw major improvements, in line with previous quarters. There were 2,440 new first-time buyer mortgages completed in Northern Ireland in…
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Financial wellbeing is deteriorating at its fastest pace since September 2017 despite a sustained rise in income from employment according to a new report IHS Markit. The report found that household finances were squeezed to the strongest extent since September 201 whilst workplace activity and incomes from employment continue to rise. The outlook towards future…
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Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio, including the complete transfer of related balances and ongoing administration of relevant accounts. The Bank, which has offered mortgages since 2012, currently serves over 23,000 customers with total lending balances of £3.7billion. Gerry…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q1 2019 was 24, 47.8% lower than in the first quarter of 2018. The rate of second charge mortgage repossessions (as a percentage of outstanding agreements) was 0.08% in the twelve months to March 2019.…
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The Treasury Committee has published a new unanimously-agreed Report on consumers’ access to financial services. The report says access to financial services and financial inclusion are issues of fundamental importance to the Treasury Committee, UK consumers, and also the functioning of the economy. Everyone can be vulnerable at some point, so financial inclusion matters to everybody,…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell by 2% in March compared with the same month last year. In Q1 2019 as a whole, new business was at a similar level to Q1 2018. Retail store and online credit new business increased by 4% in…
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New figures released by the Finance & Leasing Association (FLA) show that second charge mortgage market new business volumes increased by 31% in March. Commenting on the March 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 “In…
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Homeowner mortgages in arrears figures remain at historically low levels according to the latest figures from UK Finance. The figures published reveal that there were 76,580 homeowner mortgages in arrears of 2.5 per cent or more in the first quarter of 2019, four per cent fewer than in the same quarter of 2018. Whilst the…
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The Financial Conduct Authority (FCA) has published proposals for changes to its mortgage sales requirements which will help to give consumers more choice in how they buy a mortgage. The proposals are one part of a package of remedies from the Mortgages Market Study, published earlier this year, which aims to encourage innovation and make…
Read moreThe Bank of England has published its latest Money and Credit statistics, showing consumer credit growth slowed to 6.4 percent in the past year as consumer credit increased by £0.5 billion in March, the lowest increase since November 2013. The weakness was largely due to a fall in new lending for car finance. Outstanding balances…
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Fiduciam, the short to medium term lender, has announced a key hire which has enabled it to expand its lending activities in the north of England and open a new office in Manchester. The company has hired Chris Parr to head up its new northern office. Parr has worked in bridge lending for over 12…
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