Credit, Collections & Insolvency News
The number of mortgages in arrears fell slightly in the first quarter of 2017, and is down on both the previous quarter and a year ago, according to the Council of Mortgage Lenders (CML). There were 92,600 mortgages in arrears, representing 0.84% of all mortgages, the lowest quarterly rate on record. Within the total…
Read more
Here is an overview of The Money Charity’s latest statistics for May 2017: Personal debt in the UK People in the UK owed £1.529 trillion at the end of March 2017. This is up from £1.484 trillion at the end of March 2016 – an extra £886.84 per UK adult. The average total debt per…
Read moreThe Mortgage division of Secure Trust Bank has agreed a strategic partnership with Optima Legal, as the firm looks to make headway in the ‘fee assisted’ remortgage market. Secure Trust Bank’s new Mortgage team will work with Optima Legal to ensure that new mortgage instructions are dealt with as quickly and smoothly as possible for…
Read more
Legal & General and Cebr have published a new report into the role the Bank of Mum and Dad plays in helping their children get on, or move up the property ladder. The research shows the Bank of Mum and Dad will lend over £6.5 billion in 2017, up from £5bn in 2016, providing deposits for…
Read moreThe Financial Conduct Authority (FCA) has published data on the number of complaints reported by firms under new rules which came into force on 30 June 2016. The total number of complaints reported by firms in the second half of 2016 was 3.04 million. This number is higher than previous reporting periods because under the…
Read more
Northern Ireland led the way for the highest regional mortgage sales growth in March with a 21.0% increase on February, according to Equifax Touchstone analysis of the intermediary marketplace. Wales and London followed closely behind with sales increasing by 18.8% and 17.2% respectively, while the North West experienced the lowest growth of 12.0%. Overall, mortgage…
Read more
Beverley Building Society has promoted Janet Bedford from Finance Director to Deputy Chief Executive. Last year CEO, Peter Myers announced that he would leave Beverley Building Society. Bedford will lead the society for an interim period until a new chief executive is announced in the Summer. Peter Myers said: “I am thrilled that Janet has…
Read moreThe Council of Mortgage Lenders estimates that gross mortgage lending reached £21.4 billion in March. This is 19% higher than February’s lending total of £17.9 billion, and 19% lower than the £26.3 billion lent in March last year. The sharp fall in year-on-year lending was expected, as March last year saw significant rises in activity…
Read more
New research from more 2 life, the innovative equity release lender, shows that the size of the retirement lending market in the UK is set to rise from £65bn in 2017 to more than £142bn in 2027 – an increase of over 120%. The research predicts that total debt among the over-65s will pass the…
Read more
Here is an overview of The Money Charity’s latest statistics for April 2017: Personal debt in the UK People in the UK owed £1.524 trillion at the end of February 2017. This is up from £1.476 trillion at the end of February 2016 – an extra£964.450 per UK adult. Based on February 2017 trends, the…
Read moreThe Money Charity has released statistics which show that it would now take 30 years to save for a deposit for a home. Releasing their latest Money Statistics the report finds that historically low saving rates and negligible returns on deposits make home ownership an ever more distant dream for many. If someone on the average…
Read more
New market and regulatory forces are having a major impact on the UK debt collections sector. The industry is going through a transitionary phase and as a result, businesses are having to shift their operational focus and adapt their business models. One of the biggest changes has been in the nature of the regulatory environment.…
Read more
The Council of Mortgage Lenders has published it’s latest home buying figures which indicate that home buying activity up 7% in February. Looking on a seasonally adjusted basis, first-time buyer and home mover activity increased by value month-on-month and year-on-year. Buy-to-let house purchase and remortgage activity remained unchanged by volume and by value month-on-month, but…
Read more