Credit, Collections & Insolvency News
New figures released by the Finance & Leasing Association (FLA) show that new business volumes in second charge mortgages continued to grow in 2017. Commenting on the 2017 new business figures for the second charge mortgage market, Fiona Hoyle, Head of Consumer and Mortgage Finance at the Finance & Leasing Association (FLA), said “Second charge…
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New figures released by the Finance & Leasing Association (FLA) show growth of 6% in consumer finance new business in 2017. New business in December 2017 increased by 1% compared with the same month in 2016. Credit card and personal loan new business together grew by 6% in 2017, while retail store and online credit…
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Latest figures from UK Finance have revealed that the number of home-owners’ properties being repossessed fell to a 36-year low last year. In 2017, 4,700 owner-occupied mortgaged properties were repossessed – down from 5,300 in 2016. Meanwhile, the number of landlords behind on mortgage payments has risen by 20%, with 1,200 buy-to-let mortgages in “significant…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in 2017 was 105, 27% lower than in 2016. In the final quarter of 2017, the number of repossessions was 27, down by almost 31% compared with the same period in 2016. The rate of second…
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Specialist lender Together has announced that John Lowe will be joining its senior management team as Group Finance Director. Gary Beckett will take on the new role of Group Managing Director and Chief Treasury Officer, following a short transition period. Lowe was previously Finance Director at Coventry Building Society. An Oxford University graduate, who qualified as a chartered…
Read moreThe Bank of England has today published its latest monthly Money and Credit report showing growth in consumer credit of 9.5 percent in the year to December 2017 up from 9.3 percent in November. Outstanding balances for consumer credit now stand at over £207.1 billion .The 8.9% growth in credit card lending has pushed the…
Read moreThe Financial Conduct Authority (FCA) has asked lenders to do more to tackle the issue of maturing interest-only mortgages with the FCA finding that many people have still not talked to their lender about their repayment options. Nearly one in five mortgage customers have an interest-only mortgage and the FCA is concerned that shortfalls in…
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Significantly more UK households say they are spending more on essential products and services than they were a year ago, according to the latest Lloyds Bank Spending Power Report. The report has also found that significantly more consumers say they have increased their spending on essentials compared to 12 months ago with 70% of adults…
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Irish Credit unions need to invest in new technologies in order to compete with challenging new entrants to the market, according to the Central Bank. Speaking at thethe annual conference of the Credit Union Development Association. Patrick Casey, the regulator’s registrar of credit union said “Today, the traditional business models of all financial institutions are…
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UK Finance has published the latest mortgage lending figures. Key data highlights from the report include: Mortgage activity has been building through the year, helped by increasing numbers of first-time buyers. Gross mortgage lending in the month is estimated to have been £20.2 billion, 1.2 percent more than a year earlier. Credit card spending decreased slightly…
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UK renters are putting themselves at risk of homelessness by failing to have a financial safety net in place, research from Scottish Widows* has found. More than a third (38%) of private renters admit that they’d not be financially secure if their household lost its main income. And nearly four in 10 (39%) – amounting…
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December mortgage sales in the UK plummeted by 38% (£5.8 billion) on November, according to Equifax Touchstone analysis of the intermediary marketplace. Year-on-year sales dropped by 12.8% (£.1.4 billion). Residential figures dropped dramatically by 39.6% (£4.9 billion) on the previous month. Buy-to-let sales also tumbled, falling by 32.1% (£853.7 million) on November. All regions across…
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Here is an overview of The Money Charity’s latest statistics for January 2018: Personal debt in the UK People in the UK owed £1.566 trillion at the end of November 2017. This is up from £1.512 trillion at the end of November 2016 – an extra £1,040.96 per UK adult. Per adult in the UK that’s an average…
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