Credit, Collections & Insolvency News
Latest data from UK Finance shows that there were 36,050 new loans advanced to older borrowers in Q1, down 4.8 per cent year on year. The value of this lending was £6 billion, up 0.3 per cent from the same quarter a year earlier.
There were 5,300 new lifetime mortgages advanced in Q1, down 8 per cent from the same quarter a year earlier and down 7.2 per cent compared to Q4. The value of this lending was £490 million.
There were 353 retirement interest only mortgages advanced in Q1, up 5.4 per cent year on year. The value of this lending was £33 milion, unchanged from the same quarter a year previously.
Residential Later Life loans in Q1 represent 8.2 per cent of all residential loans. Buy To Let (BTL) Later Life loans in Q1 represent 20.1 per cent of all BTL loans.
Latest data from the Bank of England has shown that consumer credit growth climbing to 8.9%, exceeding the 8.6% recorded in February. Within this total, the annual growth rate for credit card borrowing increased to 12.3% from 12.1% a month earlier. Consumer deposits with banks and building societies increased by £5.5 billion in March. The…
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The Financial Conduct Authority (FCA) has led international action to stop illegal finfluencers putting consumers’ money at risk. Seventeen regulators worldwide took part in the ‘week of action’, which included enforcement activity, consumer awareness campaigns, and educational programmes for finfluencers who want to act responsibly. Activity started on 20 April 2026. In the UK, the…
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The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) have announced that firms will benefit from reduced costs and greater flexibility, and find it easier to comply with the Senior Managers and Certification Regime (SM&CR). The changes, which come as the first phase of a multi-stage package of reform from the Government and regulators, will maintain the core principle of senior leader accountability, and will benefit firms by giving more time to submit senior…
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Some of the UK’s leading lenders have expressed their frustrations with UK banking regulation in a new report from the Association for Financial Markets in Europe (AFME). AFME welcomes the FPC’s move to lower its benchmark for Tier 1 capital requirements, which reflects both the effectiveness of postcrisis reforms and improvements in risk measurement. However, AFME cautions that a reduction…
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Mortgage rates have risen significantly since the start of the war in Iran, leaving homeowners facing steep increases in monthly payments – at a time when living costs are already rising across the board, warns Sprive. According to Moneyfacts, the lowest available 2-year fixed deal before the start of the conflict in the Middle East…
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