Credit, Collections & Insolvency News
New research reveals that there is healthy optimism among brokers about the future of the UK mortgage sector, despite a challenging economic backdrop, including stamp duty rises expected in April and falling rent prices causing worries for buy-to-let buyers. The research, conducted by Nottingham Building Society, gathered the opinions of mortgage brokers across the UK,…
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Almost half a million pensioners in the UK still have not paid off their mortgages, according to the latest research from SunLife. The report found that 69% that are homeowners, more than one in five (23%) still have a mortgage, owing £67,478 on average. And while most (86%) of those with outstanding mortgages are still…
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Research amongst 1,500 UK parents with children aged 0-15 years, conducted by 3Gem on behalf of Scottish Friendly, shows six out of 10 (58%) of parents are concerned their child won’t be able to afford to live independently. With over half (55%) worried that the cost of the deposit for a rented accommodation is out…
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New research by Nationwide has found that strong earnings growth has made home purchasing slightly more affordable for first-time buyers. The data shows that a typical buyer with a 20% deposit now spends 36% of their monthly take-home pay on mortgage payments, down from 2023 but still above the long-run average of 30%. Earnings growth remains…
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Mortgage affordability improved for the second consecutive month in November, new analysis from Stonebridge reveals. The mortgage and protection network’s latest Mortgage Affordability Index shows that monthly repayments accounted for 36.3% of the average borrower’s salary in November. This is down significantly from 40% in September and 38.7% in October, the data shows. The last…
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Latest data from UK Finance has found that in Quarter 3 (Q3) in 2024 there were 48,862 new buy-to-let loans advanced in the UK, worth £8.6 billion. This was up 6.5 per cent by number (8.9 per cent by value) compared with the same quarter in the previous year. The average gross buy-to-let rental yield…
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New Freedom of Information (FOI) data from the Financial Conduct Authority (FCA) analysed by Quilter has revealed a significant rise in the number of people taking out mortgages with a term of 35 years or more, which will see them paying off their loans well into their 70s. In the first nine months of 2024…
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New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business fell in November 2024 by 1% compared with the same month in 2023. In the eleven months to November 2024, new business in this market was 1% higher than in the same period in 2023. The credit card and…
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The Bank of England’s quarterly credit conditions survey finds that lenders reported that demand for secured lending for house purchases increased in Q4 2024, but was expected to decrease in Q1 2025. Demand for secured lending for remortgaging also increased in Q4 2024, but similarly was expected to decline in Q1 2025. Lenders also reported…
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More than 42,000 households could be poised to take out homeowner loans this year, according to analysis of market statistics and housing market forecasts by Pepper Money, the specialist mortgage lender. Approvals for second-charge mortgages, or homeowner loans, were up 17% year-on-year during the first 11 months of 2024, according to analysis of official data from…
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Latest ONS data has shown that inflation dropped slightly to 2.5% in December, up from 2.3% in October, down from 2.6% in November. Commenting on the inflation figures, Paul Noble, CEO of Chetwood Bank, said “Some good news to start the year for Britons. Many will have approached today’s result with some apprehension, but 2025…
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Rent and mortgage spending increased 1.8 per cent year-on-year last month, the lowest rate of growth since August 2024, according to the latest Barclays Property Insights report. Though encouraging, costs continue to increase, and consumers’ confidence in their ability to afford their rental and mortgage payments dropped to 52 per cent in December (down 3…
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The majority of UK households are heading into 2025 feeling financially secure, but more people think the health of the economy is worsening than improving according to KPMG’s UK Consumer Pulse survey. The analysis shows that 57% of people feel financially secure, while just a fifth (21%) feel insecure. While half of those polled said…
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