Credit, Collections & Insolvency News
The average rent arrears of a tenant receiving Universal Credit is almost five times the average of those not in receipt of the welfare payment, according to new research. Data provider Housemark carried out a detailed analysis of benchmarking data submitted by its members to examine the impact of changes in welfare benefits on social…
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Consumers are unsurprisingly concerned that stability in the housing market could be affected next year by increased living costs and rising interest rates, the latest Property Tracker survey results revealed by the Building Societies Association (BSA). The Post-Referendum bounce-back in confidence has been short-lived, with fewer consumers viewing now as a good time to buy…
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Phillips & Cohen Associates (UK), has announced its intention to start providing Mortgage Administration Services with immediate effect. Commenting on the decision to expand its existing service provision into the Mortgage Administration market, Managing Director International, Nick Cherry commented, “Phillips & Cohen has an impeccable record across the globe in providing highly specialised deceased account…
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The latest Money Stats indicate that consumer credit has risen above £190 billion, the highest level seen since 2008. The report by the Money Charity says that’s £7,042 for every household in the UK in credit cards, personal loans and other borrowing not secured against property. Day-to-day, people have more control over how much they borrow…
Read moreThe Financial Conduct Authority (FCA) has today launched a market study to consider whether competition in the mortgage sector can be improved to benefit consumers. The FCA wants to understand whether consumers are empowered to choose on an informed basis between products and services and are in a position to understand whether these represent good…
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Monitoring Poverty and Social Exclusion 2016, an annual state of the nation report written for the independent Joseph Rowntree Foundation (JRF) by the New Policy Institute, has found that 13.5 million people, 21% of the UK’s population, are living in poverty. The economic recovery has helped to stop poverty rates from rising higher, with overall…
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The BBA has released high street bank figures for October. Dr Rebecca Harding, BBA Chief Economist, said “Consumer credit is now growing at its fastest rate since November 2006, reflecting strong retail sales growth. Consumer confidence remains robust as borrowers take advantage of record low interest rates. Mortgage approvals ticked up a little October. There has only…
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Paragon Bank has announced plans to launch a new range of specialist residential mortgages. In a report for the year ending 30th September 2016, the bank revealed that it intended to follow the launch of its development finance proposition and two acquisitions in the asset finance market with new specialist residential products in the first…
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A new study from Citizens Advice reveals the challenges faced by “just about managing families” and says many of the problems are ‘fixable’. The report is based on new analysis of the problems faced by the 700,000 working people helped by Citizens Advice between October 2015 and September 2016. It identifies the most common challenges…
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A new survey from Freedom Finance, has revealed the UK’s decision to leave the European Union has had little effect on UK borrowers’ financial outlook. Almost half (43%) of all respondents believe that market uncertainty would enable them to negotiate a better mortgage deal. When asked whether Brexit impacted their borrowing decisions, more than two thirds…
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New research from the Intermediary Mortgage Lenders Association (IMLA) explores whether policymakers’ regulatory approach in the wake of the financial crisis has created a market that prioritises stability over popular access to mortgage finance. IMLA’s report, ‘Is the mortgage market working for consumers?’, suggests that consumers’ number one priority when it comes to getting a…
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Gross mortgage lending held steady in October and was an estimated £20.6 billion, according to the Council of Mortgage Lenders (CML). This closely matches September’s gross lending total of £20.5 billion and is 5% lower than October last year (£21.8 billion). Commenting on market conditions in this month’s market commentary, CML senior economist Mohammad Jamei…
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Latest figures from Equifax Touchstone indicate that Northern Ireland and Scotland saw a big slump in mortgage sales at -8.7% and -5.2% respectively during October. The Home Counties and South Coast were the only regions to report mortgage sales growth in October (+2.5% and +1.0% respectively), according to Equifax Touchstone analysis of the intermediary marketplace. Northern…
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