Credit, Collections & Insolvency News
Developments in the wider economy are making it more challenging for homebuyers and savers. Building societies continue to support both groups and maintained a high market share of new mortgage lending and savings in the second quarter of 2017 according to latest figures from the Building Society Association Building societies approved 112,340 new mortgage loans.…
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The number of mortgages in arrears of 2.5% or more of the outstanding balance declined to 88,200 in the second quarter of this year, the lowest level since at least 1994 when this run of data began. The total was 5% lower than in the first quarter (92,600) and amounted to 0.8% of the more…
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Figures released by the Finance & Leasing Association (FLA) show that the number of second charge mortgage repossessions in Q2 2017 was 36, 10% lower than in the same quarter in 2016. The annual rate of second charge mortgage repossessions as a percentage of average outstanding agreements at the end of Q2 2017 was 0.06%,…
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Here is an overview of The Money Charity’s latest statistics for August 2017: Personal debt in the UK Total UK personal debt The average total debt per household – including mortgages – was £57,005 in June. The revised figure for May was £56,791 Based on June 2017 trends, the UK’s total interest repayments on personal…
Read moreTandem has announced that it has agreed on a deal to acquire Harrods Bank, subject to regulatory approval. The deal will bring around £80 million of capital into the business. Once the deal has been completed Tandem can accelerate launch plans and start to offer savings accounts as well as continued development of the app and credit card. The…
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Consumers are shrugging off concerns about a spending squeeze with increased confidence in their personal finances, according to the latest Lloyds Bank Spending Power Report. The latest poll – which saw Ipsos MORI survey 2,000 people with bank accounts across the UK – comes amid a raft of economic data highlighting the challenges faced by…
Read moreThe Financial Conduct Authority (FCA) has published proposals to extend the Senior Managers and Certification Regime (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime. The aim of the new regime is to reduce harm to consumers and strengthen market integrity by making individuals more accountable for their…
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An interest rate rise of just 0.5% would cost households an extra £3.4 billion in interest payments in just the first year according to analysis by Moore Stephens. Bank of England data shows UK households are currently paying £39.2 billion in interest payments on debt that is likely to be affected immediately by an interest rate…
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UK Finance estimates that gross mortgage lending reached £22.1 billion in June. This is 9% higher than May’s lending total of £20.3 billion, and 3% higher than the £21.5 billion lent in June last year. Gross mortgage lending for the second quarter of 2017 was therefore an estimated £60.3 billion. This is a 3% increase on the…
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Consumers will have greater control over their bank data and financial decisions thanks to new laws coming into force in January. The government is bringing in a new regulatory regime for innovative FinTech firms which will transform the way people engage with their finances and make it possible to manage all of their finances at the…
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Mortgage sales for the UK decreased by £200 million in June, down 1.2% on the previous month, according to Equifax Touchstone analysis of the intermediary marketplace. Buy-to-let figures bucked the general trend, rising by 3.2% (£80 million) to £2.6 billion, while residential sales contracted by 2.0% (£280 million) to £13.9 billion. Overall, mortgage sales for…
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Masthaven Bank has made three new appointments. The bank has appointed John Smith as national account manager, first charge mortgages. Smith previously worked at Platform Home Loans and Aldermore and helped launch Bluestone into the specialist mortgage market. Wes Baker and David Owen have also joined the firm as business development managers. Baker has worked…
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Robo adviser MortgageGym.com has announced an investment agreement with financial services comparison website GoCompare. MortgageGym, in partnership with GoCompare and Experian, will provide consumers with access to a first-of-its-kind digital mortgage marketplace providing an end-to-end online solution that promises to transform the UK’s out-of-date mortgage application process. The company’s website will be the only online service that…
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