Credit, Collections & Insolvency News
New research by Compare the Market has found that 937,433 homeowners who took out mortgages in 2023 could benefit from a decline in monthly payments as they come off two-year fixed rate deals that had an average interest rate of 5.06%, according to their analysis based on a Freedom of Information request to the Financial…
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The Bank of England has announced that it has reduced the Bank Rate by 0.25% to 4.25%, marking the second cut this year. The MPC voted 5 to 4 in favour of the cut, with two members preferring to cut rates by 0.5% to 4.0% and two preferring to leave rates unchanged at 4.5%. Commenting on the…
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A new report from the Building Societies Association (BSA) has found that a significant number of potential first-time buyers have failed to get on the property ladder since the financial crisis. Analysis of historic first-time buyer data shows that around 7.2 million individuals or couples would have been expected to buy their first home since…
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The latest Property Tracker survey from the Building Societies Association (BSA), reveals a decline in consumer confidence in the housing market. Just 17% of people agree now is a good time to buy a property, a decline from 20% just three months ago (Jan 2025). More than double this number didn’t think now was a…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in February 2025 by 3% compared with the same month in 2024. In the first two months of 2025, new business in this market was 2% higher than in the same period in 2024. The credit card and…
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Latest date from UK Finance has shown that landlord loans came in £9.6 billion over 52,648 cases in the final three months of last year, jumping 47.2% by value and 39.2% by case from a year ago. Average gross buy-to-let rental yields edged up to 7% in the period, compared to 6.74% 12 months ago,…
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Latest Bank of England data has shown that mortgage approvals slipped by 600 to 65,500 in February from a year ago, following a fall of 400 mortgage approvals in January. Approvals for remortgaging to a new lender were down by 800 to 32,000 in February, following an increase of 2,100 the previous month. Mortgage borrowing fell by…
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Four in ten parents with children at home (39%) don’t have life insurance, according to new research from Compare the Market. The research, based on a survey of parents with children under the age of 18, shows that nine in ten (90%) worry about how their children will cope financially if they die before their…
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The Bank of England has announced that it has held the base rate at 4.5%. The rate-setting Monetary Policy Committee voted in a 8 to 1 split in favour of holding the rate, one member preferred to reduce the bank rate by 0.25 percentage points, to 4.25%. The bank rate was cut from 4.75% to…
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The UK’s self-employed workers and freelancers are making huge personal and professional sacrifices just to achieve their home-ownership ambitions according to new research by Together, Many of the country’ entrepreneurial wealth creators have put on hold important life plans such as marrying, having children or expanding their businesses – potentially hitting future earning potential –…
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Buying a home in London requires an average earner to save a deposit of over £350,000 according to research by longer-term lender April Mortgages. With average house prices in the capital soaring to £581,310 – more than 12x the average income – average earners require huge deposits to afford a home. Based on a typical lending…
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The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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New research by Loantube has revealed that female consumers are most likely to apply for a loan for home improvements (42%), followed by debt consolidation (32%) and buying a new car (10%). Among the consumer borrowing trends, LoanTube’s data reveals that female consumers are most likely to apply for a loan for home improvements (42%),…
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