Credit, Collections & Insolvency News
UK Finance has published its latest Mortgage Trends Update for October 2018 which reveals that remortgaging is at its highest level since 2008. The figures show that there were 50,500 new homeowner remortgages completed in the month, some 23.2 per cent more than in the same month a year earlier. The £9.2bn of remortgaging in…
Read more
The Bank of England has published its latest mortgage lenders and administrators return (MLAR) is a quarterly statistical release aggregated from data on mortgage lending activities provided by around 340 regulated mortgage lenders and administrators. The figures show that the value of outstanding mortgage balances with some arrears increased for the first time since 2016…
Read more
The Financial Conduct Authority (FCA) has published findings on how mortgage lenders treat customers who have long-term mortgage arrears and provide forbearance to affected customers. The FCA had previously identified that there was a trend of increasing long-term arrears cases, whilst the number of homes being repossessed had been falling. As a result of this…
Read more
The value of residential mortgages written off by banks and building societies has increased by 58% in the last year, jumping from £77 million to £122 million in the year to 30 June 2018 according to new analysis by Moore Stephens. Moore Stephens says the increase could be an early sign of distress in the…
Read more
Young people whose parents have property wealth are now almost three times as likely to be homeowners by the age of 30, compared to those whose parents have no property wealth, according to Resolution Foundation research. With the ‘Bank of Mum and Dad’ now considered to be a key lender for first-time buyers, House of the…
Read more
UK Asset Resolution (UKAR) the company behind Bradford and Bingley and Northern Rock Asset Management (NRAM) has paid back £6.3 billion in government loan repayments in the last six months. UKAR announced the figures as part its interim results for the six months ended 30 September 2018. Government loan repayments of £6.3bn, including the remaining…
Read more
The Bank of England has released its latest Money & Credit data indiating that consumer credit increased by £0.9 billion in October, similar to the previous few months, but below much of the period since 2016. Mortgage market activity remained broadly stable in October. The flow of mortgage lending increased to £4.1 billion in October…
Read more
Here is an overview of The Money Charity’s latest statistics for November 2018: Personal debt in the UK People in the UK owed £1.605 trillion at the end of September 2018. This is up from £1.560 trillion at the end of September 2017, an extra £870.78 per UK adult and £76.54 higher than the previous month. The average total…
Read moreLatest figures from UK finance show that the mortgage market has softened following period of strong growth. The figures indicate that there were 29,400 new first-time buyer mortgages completed in the month, some 4.5 percent fewer than in the same month a year earlier. The £5.0bn of new lending in the month was the same…
Read more
A new survey of StepChange Debt Charity clients shows the hidden housing problems caused by debt, particularly in the private rented sector. StepChange says these are so complex that the government should review the suitability of the private rented sector for housing vulnerable people. The charity is particularly worried about the position of clients in…
Read more
UK Finance’s latest mortgage arrears and possessions update for the third quarter of 2018 has revealed that there were 77,600 homeowner mortgages in arrears of 2.5 percent or more of the outstanding balance in the third quarter of 2018 showing that arrears remain at a historic low. This is 5 percent fewer than in the…
Read more
New figures released today by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q3 2018 was 36, 5.9% higher than in the same quarter in 2017. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q3 2018…
Read more
New figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage market saw an 11% increase in September Commenting on the September 2018 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 September,…
Read more