borrowing

Average first-time buyer mortgage term is now 31 years

3rd June 2025 Consumer Lending | #borrowing #mortgage length

New data from UK Finance has shown that the average first-time buyer mortgage term is now 31 years. The data also showed that mortgage lending surged in the first quarter of 2025 (Q1), driven by homebuyers seeking to complete purchases before changes to Stamp Duty took effect in April. Mortgage completions rose sharply in the first…

More people are borrowing for debt consolidation in retirement

23rd May 2024 Arrears and Recoveries | #borrowing #debt consolidation

New research by Hodge has found that more people are borrowing into their retirement to help out with debt consolidation and meet day to day living costs. The research found that over two thirds of brokers say lending up to and into retirement in the UK is changing, with greater numbers borrowing into their retirement…

Borrowing predicted to grow to 5% of household income by year end

12th June 2023 Consumer Lending | #borrowing

New research by Oxford Economics has forecasted that interest payments on mortgages, credit cards, car loans and other borrowing will grow to 5% of household income by the end of this year. The increase is up from 1.5% at the end of 2021, and the highest proportion since the end of 2008. The rise is…

Two-fifths of 35 to 44-year-olds have had to borrow to make ends meet

28th April 2023 Arrears and Recoveries | #borrowing #consumer debt

A study by the Resolution Foundation think-tank almost two-fifths of 35 to 44-year-olds have had to borrow to make ends meet amid the cost-of-living crisis. The research found that 37% of people in the age bracket relied on formal lending, such as credit cards, overdrafts or loans in March. This was more than double the…

Borrowing is not a choice but a necessity for many

5th September 2022 Consumer Lending | #borrowing

As households are hit by unprecedented levels of inflation, the latest update to Lowell and the Urban Institute’s Financial Vulnerability Index (FVI) has shown that households increased borrowing despite interest rate rises to meet the inflated cost of food and energy bills. The reaseach shows that: Credit usage increases as households battle inflation – The…

Cost of living pressures predicted to drive significant rise in credit card borrowing

6th May 2022 Arrears and Recoveries | #borrowing

Demand for credit from households is expected to rise this year as cost of living pressures bite, according to the latest EY ITEM Club UK Bank Lending Forecast, which predicts consumer borrowing will grow to a five-year high of 7.9% in 2022 (equivalent to almost £16 billion in net terms). This is a trajectory reversal…

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