Credit, Collections & Insolvency News
250,000 private renting families in England are becoming burdened with serious debt because they have to move house so frequently, according to Shelter. New research from the housing charity says private renting is so unstable, short and expensive that families are being forced to move too frequently. One in four (255,944) renting families are taking…
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Commenting on the July 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 “The second charge mortgage market reported its fifth consecutive month of growth in July, with new business up 23% by value and 21% by volume.…
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New figures released tby the Finance & Leasing Association (FLA) show growth of 13% in consumer finance new business in July, compared with the same month last year. Credit card and personal loan new business together grew by 16% compared with July 2016, while retail store and online credit new business increased by 11%. Second…
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A new study by GoCompare Mortgages has revealed that 31% of tenants in rented accommodation cannot imagine ever owning their own home. The survey also revealed that more than a fifth (21%) of renters think that the removal of mortgage interest tax relief on buy-to-let properties, which came into force in April 2017, will reduce…
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Capita has agreed a contract extension until 2020 to provide mortgage services to Tesco Bank. Since the launch of Tesco Bank Mortgages in 2012 Capita has provided a full mortgage outsourcing service from their Glasgow based office. The service spans mortgage advice, telephony support, processing, servicing and arrears management. Initially, this supported Tesco in launching a…
Read moreFraud prevention service, Cifas has released new figures showing that identity fraud has continued to rise at record levels in the first six months of 2017. A record 89,000 identity frauds were recorded, up 5% from last year. Representing over half of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation, 83% of…
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Mortgage sales for the UK decreased by £1.8 billion in July, down 10.8% from the previous month, according to Equifax Touchstone analysis of the intermediary marketplace. Buy-to-let figures were resistant to the general decline, down by just 0.2% (£3.9 million) to £2.6 billion, while residential sales dropped by 12.8% (£1.8 billion) to £12.2 billion. Overall,…
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Scottish Building Society has appointed Raymond Abbott as its new Chairman, Abbott takes over the role from Rob Golbourn who will remain as non-executive director until he retires from the Board in October. Abbott, who is a chartered accountant, has been vice-chairman and senior independent director at the Society since 2015, and a member of the Board since…
Read moreThe Residential Landlords Association (RLA) have called for credit referencing agencies to include rental payment history when calculating the credit rating of tenants. The Association says “This would seem only fair when the penalty for landlords and homeowners for even one month of missed mortgage payment can be so severe when applying for a new…
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Virgin Money has announced a new partnership with Countrywide Surveying Services to support new build, custom build and shared ownership borrowers. The move follows the lender launching a range of custom build and shared ownership products last month. Countrywide will provide a specialist and operational team dedicated to all new home valuation instructions, supporting borrowing on properties…
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New figures released by the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in June, compared with the same month last year, and growth of 4% in the second quarter of 2017 overall. Credit card and personal loan new business together grew by 10% compared with June 2016, while…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that the second charge mortgage growth continued in June. Commenting on the June 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 “In June, the second charge…
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UK Finance has announced the latest first-time buyer activity statistics which show continued growth in June. Here is an overview of the main statistics: On a non-seasonally adjusted basis, UK Finance data shows that mortgage lending in June rose: First-time buyers borrowed £5.9bn, up 26% on the previous month and 9% on June 2016. This…
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