Credit, Collections & Insolvency News
Equifax and Castlight have formed an alliance with Oakbrook Finance, the owners of consumer loan brand Likely Loans, to develop new products for the 2018 Open Banking initiative. Under Open Banking, bank transaction data will play a crucial role in lending decisions. Lenders will have access to real-time and historic account and transaction information, boosting…
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The Council of Mortgage Lenders (CML) has released its latest member data and shows that the number of outstanding residential interest-only loans has been falling by between 10 and 13 per cent a year since 2012. In the CML survey covers well over 90% of all residential mortgages outstanding, reflecting the industry’s ongoing commitment to…
Read moreLatest figures released by the Finance & Leasing Association (FLA) show that second charge mortgage new business grew 8% by value and 15% by volume in March, compared with the same month in 2016. Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “The second charge mortgage market has faced significant change…
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New figures released by the Finance & Leasing Association (FLA) show growth of 10% in consumer finance new business in March, compared with the same month last year, and 6% growth in Q1 2017 as a whole. Credit card and personal loan new business together grew in March by 7%, compared with the same month…
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New figures released by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Quarter 1 2017 was 17 – down by 50% compared with the same quarter in 2016. Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said: “The number of second-charge…
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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…
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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…
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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…
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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…
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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…
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