Credit, Collections & Insolvency News
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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The Council of Mortgage Lenders (CML) has published it’s latest research identifying underlying mortgage lending trends. Paul Smee, director general of the CML, said “House purchase activity appears to have steadied, we may not be seeing huge increases in activity on the scale of 2013-14 but there is a consistency in the levels in recent months. Mortgage…
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The latest figures from the Finance & Leasing Association (FLA) show growth of 7% in consumer finance new business in September, compared with the same month last year. In Q3 2016, new business was also up by 7% compared with the same quarter in 2015. Credit card and personal loan new business together grew by 8%…
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New figures released today by the Finance & Leasing Association (FLA) show that the number of second-charge mortgage repossessions in Q3 2016 was 36, down 35.7% on the same quarter in 2015. Commenting on the figures, Fiona Hoyle, Head of Consumer and Mortgage Finance at the FLA, said “The third quarter of 2016 saw further…
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The overall mortgage arrears rate in the third quarter was the same as in the second quarter, with 0.84% of all mortgages recording arrears equivalent to more than 2.5% of the mortgage balance. This continues to represent the lowest arrears rate for over 20 years according to the Council of Mortgage Lenders latest statistics. The…
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Aberdeenshire Council is sending messages through Facebook and WhatsApp in a bid to recoup unpaid rent. The Council has been contacting people living in council homes who are in debt using methods other than just post. A total of 35 evictions were carried out by the local authority in 2015/16, with £104,830 owed to the council.…
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Perth and Kinross Council was forced to write-off nearly £300,000 of outstanding debts mainly due to rent arrears. In response to the problem the local authority launched its Rent 1st campaign to highlight the importance of making payments and offering extra support and advice for people who are struggling to pay. Now the housing and health…
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