Credit, Collections & Insolvency News
The UK’s self-employed workers and freelancers are making huge personal and professional sacrifices just to achieve their home-ownership ambitions according to new research by Together, Many of the country’ entrepreneurial wealth creators have put on hold important life plans such as marrying, having children or expanding their businesses – potentially hitting future earning potential –…
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First-time buyers in the UK are facing paying an extra £4,200 a year on their mortgage with increased mortgage payments, which now average £940 per month compared to £590 five years ago, according to latest Rightmove research. The data showed that the average price for a first-time buyer home currently stands at £226,887. The analysis…
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New research by Apil Mortgages has found that only 14% of the UK’s 100 largest towns and cities are affordable to single-income buyers. Buying an average home in 16 of the UK’s 100 largest towns and cities requires a deposit of more than £200,000 for a mortgage applicant earning an average salary. In more than half (52%) of these towns and…
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Almost half a million pensioners in the UK still have not paid off their mortgages, according to the latest research from SunLife. The report found that 69% that are homeowners, more than one in five (23%) still have a mortgage, owing £67,478 on average. And while most (86%) of those with outstanding mortgages are still…
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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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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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New research by Mojo Mortgages’ data has revealed that extending a mortgage from 25 to 35 years can cost the average first-time buyer an extra £87,180. The data found based on the average mortgage rate and house price, extending your mortgage rate by 1 year can cost an additional £8,472. 2 years can cost an…
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A new report from the Institute for Fiscal Studies (IFS) estimates that an extra 320,000 people have been pushed into poverty as they moved onto more expensive deals, as a result of the rise in mortgage rates in 2022 and 2023. The rise in mortgage rates saw the average rate for a two-year fixed mortgage…
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The cost of living pressures are easing for some households due to lower inflation and strong wage growth, however for many, high house prices and mortgage rates are adding to affordability pressures on first-time buyers and those looking to re-mortgage or move home according to aProperty Tracker report from the Building Societies Association (BSA). The…
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The number of mortgages in arrears, relative to all outstanding mortgage balances, increased to 1.28% in Quarter 1, according to figures from the Bank of England. The data shows an increase of 1.23% in the final quarter of 2023, taking it to the highest proportion since the end of 2016. The value of outstanding mortgage…
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Data sourced from millions of Barclays current accounts has indicated that spending on rent and mortgages increased 6.3 per cent year-on-year in May – faster than April’s uplift of 3.6 per cent. However, signs of optimism are emerging owing to falling inflation and energy prices, and increased spending on home improvement shows indicators of recovery…
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New analysis by Moneyfacts has shown that the average ‘shelf-life’ of a mortgage has nearly halved in a month. At the start of May the average mortgage spent 28 days on the market, by the start of June the average had fallen to just 15 days. While deals are typically spending less time on the…
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UK Finance has released its latest Household Finance Review for Q1 2024 with the reporting highlighting that mortgage borrowing has decreased when compared with the same period the year before, despite a rise in mortgage applications at the end of 2023. Towards the end of last year as mortgage rates started to reduce, there was…
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