Credit, Collections & Insolvency News
Mortgage lending rose for the second consecutive quarter to reach £41.4bn in Quarter 3 (Q3), up 15% compared to the same three months of last year, according to latest data UK Finance. Mortgage activity throughout 2024 has been very sensitive to changes in product pricing. In the third quarter, as lenders were able to reduce…
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Digital homebuying platform, OneDome, has announced that it has acquired mortgage broker, Coreco Group (subject to FCA approval), for an undisclosed seven figure sum. The current Directors, Andrew Montlake and Julian Ingall, along with the Coreco Management Team, will remain in their roles to spearhead an ambitious growth agenda. Andrew and Julian will also join…
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FCA-authorised credit broker and business lender, Love Finance has announced the formation of a new board of Directors. The newly appointed board members have each contributed significantly to company’s growth to date, Jenny Sadler previously as Head of Finance now takes a role as Finance Director focusing on providing structure and governance, ensuring that robust financial…
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National debt advice agency PayPlan has announced it has joined forces with the England Illegal Money Lending Team (IMLT) to warn people about the dangers of borrowing from loan sharks in the run-up to Christmas. The IMLT is a national organisation, hosted by Birmingham City Council, that was set up 20 years ago to investigate…
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Latest data from Barclays shows that households cut back on essential spending at the fastest pace in five years in November. The analysis shows that card spending fell by 0.5% year-on-year, marking the first decline since July. Essential spending fell by 3.1%, with this the sharpest monthly fall since 2019, this was due to a…
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Data from Lloyds’ Bank’s 27 million customers has shown that consumers spent over £3.9 billion on debit cards over the Black Friday and Cyber Monday weekend, a remarkable rise of 20% compared to last year’s spending. Gabby Collins, Payments Director at Lloyds said “Wow! The level of spending was way ahead of what we expected to see,…
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New research from KPMG International has found that over seven in ten (71 %) businesses are using artificial intelligence (AI) to some degree in their financial operations. Currently, 41 % of them are using AI to a moderate or large degree – and this is predicted to rise to 83 % over the next three…
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Latest Data from the Bank of England shows that UK lenders approved the most mortgages in more than two years in October, with 68,300 home loans given the green light. This was the highest monthly total since August 2022 and compares to 66,115 approvals in September. While brokers had been anticipating a rebound in activity…
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Consumer credit growth slowed slightly in October, according to the Bank of England, falling to 7.3% from 7.5% in September according to latest data from the Bank of England. The data showed that over the same period, the annual growth rate for credit card borrowing remained stable at 9.5% with net consumer credit borrowing by…
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TSB has announced the appointment of Marc Armengol as Chief Executive Officer, subject to regulatory approval. Armengol will succeed Robin Bulloch, who will retire after a 45-year career in retail banking, including five years at TSB. Since becoming CEO of TSB three years ago, Bulloch has successfully transformed the customer experience, with TSB focused on…
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Nationwide has announced that it has joined forces with Experian in a partnership aimed at speeding up mortgage application process. Nationwide will use Experian’s Work Report™ income and employment verification service, teh system will be used to digitally confirm homebuyers’ declared income instantly, removing the need for applicants to provide manual income proofs, such as…
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New research by Halifax has found that homebuying is becoming more affordable relative to income. The analysis based on data from the Halifax House Price Index compared typical house prices to average earnings across the UK. House prices have increased by +3.8 % compared to a year ago, reaching an average of £292,508. Meanwhile, annual earnings…
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Latest data from the Building Societies Association (BSA) has shown that mortgage balances, in the sector, grew by £11.7 billion, accounting for 72% of the mortgage market growth during the period. This follows 2023 where building societies were responsible for all the growth in the mortgage market, as overall mortgage balances at other lenders reduced…
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