Credit, Collections & Insolvency News
UK Finance has published its latest Mortgage Trends update for June 2018 which has revealed that there were 37,400 new homeowner remortgages completed in the month, some 8.4 per cent more than in the same month a year earlier. The £6.8bn of remortgaging in the month was 13.3 per cent up year-on-year. Other highlights from…
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UK tech firm CreditLadder is one of three Fintech companies to win through to the final of HM Treasury’s Rent Recognition Challenge (RRC) announced by Chancellor Philip Hammond as part of the Autumn budget statement in November last year. The RRC was launched to help develop applications that will help renters boost their credit scores,…
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Here is an overview of The Money Charity’s latest statistics for August 2018: Personal debt in the UK People in the UK owed £1.592 trillion at the end of June 2018. This is up from £1.545 trillion at the end of June 2017– an extra £900.74 per UK adult. Per adult in the UK that’s an average debt of…
Read moreA new report by Which? has revealed how the broken deposit system is placing financial pressure on renters, with some tenants facing weeks to get their money returned or having to challenge charges that they feel are unreasonable. The consumer champion’s findings reveal that two in five (43%) renters that faced moving costs used a…
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The latest RICS UK residential market survey suggests that supply issues could lead to rents increasing by 15 per cent by the middle of 2023. The most striking feature of the July 2018 survey is the continued reduction of new property being put on the market in the lettings sector with 22% more respondents seeing…
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Homeowners could see their mortgage bills rise by around £400 a year following the Bank of England’s decision to raise interest rates, analysis from Experian reveals. The Bank of England’s Monetary Committee has announced it is hiking base rate to 0.75%, the first rise since last November, The 0.25% rise will see those on Standard…
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The Bank of England (BoE) Monetary Policy Committee (MPC) has today voted to increase interest rates to 0.75 percent, its highest level since 2009. Commenting on today’s decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter of a percentage point, StepChange Debt Charity urges policymakers to keep a…
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Lenders working closely with the Financial Conduct Authority (FCA), have agreed on common standards to help existing borrowers on reversion rates who are up-to-date with repayments but, because of stricter affordability criteria, are currently ineligible to move to an alternative product provided by their lender. The cross-industry voluntary commitment has been announced by UK Finance,…
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The Financial Conduct Authority (FCA) has published it’s ”Assessing creditworthiness in consumer credit’ policy statement which provides rules and guidance on assessing creditworthiness in consumer credit. The announcement coincides with the Bank of England revealing the amount of credit held by UK households increased by £3.7 billion in June and the rate of credit card…
Read moreThe Bank of England has published its latest monthly Money and Credit report showing consumer credit growth remained at 8.8 percent in the year to June 2018. Outstanding balances for consumer credit stand at £213.2 billion. The figures are published days after the Office of National Statistics revealed that British households spent around £900 more…
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UK Finance has published mortgage product transfer figures for the first time. The figure highlights indicate that: 390,200 homeowners switched product with their existing provider (product transfers) in the first quarter of 2018. By value, this represents £53.7bn of mortgage debt refinanced internally. These figures do not feature in any market data on remortgaging, or other…
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Shawbrook Bank has announced that it has appointed David Robinson as Sales and Distribution Director of its residential mortgage arm. Robinson will start the role in August, leaving Accord, where he has worked for 14 years. He has worked with the Yorkshire Building Society group for 29 years previously. Robinson will replace Paula Purdy would leave…
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Here is an overview of The Money Charity’s latest statistics for July 2018: Personal debt in the UK People in the UK owed £1.5877 trillion at the end of May 2018. This is up from £1.54 trillion at the end of May 2017– an extra £920.71 per UK adult. Per adult in the UK that’s an average debt of £30,670 in…
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