Credit, Collections & Insolvency News
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…
Read moreUK Finance has published its latest consumer lending figures for June. Key data highlights include: Estimated gross mortgage lending for the total market in June is £23.5bn, 2.1 per cent higher than a year earlier. The number of mortgage approvals by the main high street banks in June fell by 2.1 per cent compared to…
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UK Finance has publishes its annual mortgage lenders data for 2017. In an accompanying blog it addressing the underlying trends revealed by the data, highlighting the growth in lending by challenger and specialist lenders. The mortgage data showed that in 2017 a gross total of £257bn in lending was completed by its members, up 4 percent on…
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Spicerhaart Corporate Sales, which offers a total asset management service for lenders including repossessions, part- exchanges, relocation and quick sale schemes, has enhanced its proposition for lenders in relation to interest-only mortgages. Spicerhaart Corporate Sales can introduce lenders to later life specialists who will buy up interest-only portfolios and transfer the customers concerned onto a…
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The Financial Conduct Authority (FCA) has today announced it is retaining its existing definition of vulnerable consumers in response to its Consumer Approach consultation, with new guidance on vulnerability set to be published next year. The consultation, which was launched in November last year, proposed a new definition for vulnerable consumers. A range of organisations…
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UK Finance has released its Mortgage Trends update for May. Highlights from the report include: There were 32,200 new first-time buyer mortgages completed in the month, some 8.1 per cent more than in the same month a year earlier. The £5.4bn of new lending in the month was 12.5 per cent more year-on-year. The average…
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The National Housing Federation, the Scottish Federation of Housing Associations, Community Housing Cymru and the Northern Irish Federation of Housing Associations, are joining together to warn that the Universal Credit system is “flawed” and causing debt, suffering and hardship for the families they house. Together these organisations represent more than 1,000 housing associations housing over…
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A new survey from Aegon shows that 14% of people think they will still be paying their mortgage at age 70. The research says that traditionally, mortgages were paid off well before typical retirement ages but new research from pension and investment company Aegon has found that 14% of people believe they will still be…
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Latest figures released by the Finance & Leasing Association (FLA) show that consumer finance new business in May grew by 11%, compared with the same month last year. Credit card and personal loan new business together grew by 11% in May, while retail store and online credit new business increased by 8%. Second charge mortgage…
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