Credit, Collections & Insolvency News
First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research. The data showed that the average price for a first-time buyer home currently stands at £226,887. The analysis…
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The Financial Conduct Authority (FCA) has promised swift action on making mortgages more accessible, with the regulator set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. The FCA will look at options for making it easier to access options such as remortgaging with a new lender and reducing…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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Latest quarterly data from UK Finance has shown that the mortgage market strengthened in Quarter 4 (Q4) 2024, with both first-time buyers and home mover numbers up by almost a third compared to a year ago, with forward-looking data suggesting this will persist through the first quarter of 2025 The data found that overall, 2024…
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Latest Bank of England data has found that the number of mortgage approvals fell to 66,200 in January, a decrease of around 300 from December. However, net mortgage lending rose by 27% to £4.2 billion – the highest since September 2022. The mortgage market remained busy in January, largely due to first-time buyers squeezing deals…
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New analysis of 24 million subprime credit applications conducted by Data On Demand in partnership with the University of Salford Business School and Seattle Pacific University has found that young adults and homeowners driving surge in subprime credit, The analysis revealed a significant shift in borrowing patterns, with essential living costs replacing discretionary spending as…
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Latest quarterly figures from UK Finance has found that later life mortgages lending increased 28.2 per cent year on year. The data indicated that there were 35,840 new loans advanced to older borrowers in Quarter 4 (Q4) with the value of this lending was £5.6bn, which was up 38.6 per cent compared with the same…
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New figures released by the Finance & Leasing Association (FLA) show that FLA members across the asset finance, consumer finance and motor finance markets provided a record £154.6 billion of new lending in 2024, 2% higher than in 2023. In 2024 £39.7 billion was provided to businesses for investment in machinery, equipment, and vehicles, including…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew in December 2024 by 11% compared with the same month in 2023. In 2024 as a whole, new business in this market was 2% higher than in 2023. The credit card and personal loans sectors together reported new…
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Rent and mortgage spending increased slightly to 2 per cent year-on-year in January according to the latest Barclays Property Insights report. Despite this increase, consumers’ confidence in their ability to afford rent and mortgage payments remained unchanged month-on-month at 52 per cent. Anticipating the Bank of England’s recent decision to cut the Base Rate, consumer…
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Mortgage lending growth is forecasted to more than double from 1.5% in 2024 to 3.1% in 2025, and grow to 3.2% in 2026, as rates fall and consumer confidence rises according to a report from EY Item Club. The growth is largely attributed to anticipated interest rate cuts by the Bank of England, which recently lowered…
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New research by Apil Mortgages has found that only 14% of the UK’s 100 largest towns and cities are affordable to single-income buyers. Buying an average home in 16 of the UK’s 100 largest towns and cities requires a deposit of more than £200,000 for a mortgage applicant earning an average salary. In more than half (52%) of these towns and…
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After two Bank Rate cuts in 2024, and with markets forecasting further cuts this year, first-time buyers are feeling more optimistic about becoming a homeowner than they were a year ago according to analysis by the Building Societies Association (BSA). The research that more than half of aspiring homeowners (54%) think house prices will continue…
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