Credit, Collections & Insolvency News
The total outstanding balance of residential mortgages reached a record £1,678.2 billion in Q4 2024, an increase by 0.5% from the previous quarter to according to latest Bank of England data. The rise is attributed to first-time buyers, who accounted for nearly 30% of new lending. The average age of first-time buyers is now 33.5…
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Mortgage lender Halifax has announced that will impose a new 70-year age limit on the terms of its home loans for some borrowers. Adrian Lowery, Financial Analyst at wealth manager Evelyn Partners said “Having raised the limit to 75 only last summer, the lender is apparently reining back on lending that is now perceived as…
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The Government has hosted a roundtable with the Financial Conduct Authority (FCA), Martin Lewis of Money Saving Expert and mortgage lenders to discuss what support some mortgage borrowers may need. Following the meeting, mortgage lenders have agreed to take a more consistent and supportive approach to homeowners struggling with the cost of living crisis. Bank…
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