Credit, Collections & Insolvency News
Six in ten Independent Financial Advisers (IFAs) are concerned 100% mortgages could create a repayment crisis according to research by Opinium. The insights agency revealed that nearly two-thirds of IFAs (66%) who receive mortgage requests are concerned about the risks associated with 100% mortgages. Over three fifths of IFAs (63%) worry about 100% mortgages because…
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The Resolution Foundation says the Bank of England’s decision to hike rates to 4.5% will mostly impact young families. The Foundation notes that the Bank of England’s decision to combat high inflation by raising interest rates for the twelfth consecutive time to 4.5 per cent last Thursday – a rise of over four percentage points…
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Eight in ten tenants feel ‘trapped’ in the rental cycle – as ONS figures show house prices for first time buyers have risen by an average of 18 per cent in the last two years, an increase of £39,680. A study of 2,000 adults who live in a rental property found 86 per cent dream…
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The Government has announced an extension to its mortgage support for benefit claimants. The new change will mean that an additional 200,000 Universal Credit claimants will be able to access quicker support with their mortgage. The move will mean support for Mortgage Interest loan scheme extended to 200,000 additional Universal Credit claimants in efforts to…
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Latest Bank of England (BoE) data has shown that consumer credit grew at 7.7 percent in February 2023 as consumers borrowed an additional £1.4 billion in consumer credit, of which £0.8 billion was through other forms of consumer credit (such as car dealership finance and personal loans) compared with £1.7 billion borrowed during January. This…
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One in five (22%) homeowners planning to remortgage this year are borrowing more money to consolidate their debts according to research by Uswitch. The research found that well over a third (39%) of people are planning to borrow more money when they remortgage. The over 55s are the most likely to borrow more money when…
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Latest Bank of England data has revealed that in the last three months of 2022, mortgages agreed for the coming months were down by a third (33.5%) from the previous three months, and down a quarter (24.5%) in a year, excluding the onset of the pandemic when the market was effectively closed, this is the…
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UK Finance has released its latest Household Finance Review which showed a decline in consumer confidence and a drop in mortgage applications in Quarter 4 (Q4) 2022. Following the September 2022 mini budget consumer confidence fell below already-low levels. Despite the concerns of households about their finances, overall card spending remained steady in Q4. However,…
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Half of first-time buyers (FTBs) say house prices would need to fall up to 20% for them to consider buying according to research by Uswitch.com With December being the fourth consecutive month of house price falls, and mortgage payments for first-time buyers at the highest since the 2008 financial crisis, many prospective buyers are split between…
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Lenders believe that credit availability will decrease in the first quarter of this year, a new survey from the Bank of England (BoE) shows. The research found that mortgage demand plummeted in the wake of the mini-budget, and is expected to keep falling. Whilst the demand for credit cards and loans fell, and is expected…
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Intermediary Mortgage Lenders Association’s (IMLA) latest report has shown that the mortgage market has remained resilient throughout 2022 with gross lending expected to reach £310 billion this year, slightly above 2021’s strong performance. The figure has been driven by high levels of re-mortgaging, which account for more than a third of gross lending. The buy-to-let…
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Half of all first-time buyers in the UK, and over a quarter of home movers who took out a mortgage in the third quarter of this year opted for a term of more than 30 years, according to UK Finance’s latest Household Finance Review. This compares with around a quarter of first-time buyers and fewer…
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The Joseph Rowntree Foundation (JRF) has reported that an extra 120,000 households in the UK, the equivalent of 400,000 people, will fall into poverty when their current mortgage deal ends. The analysis assumes homeowners will be forced to borrow at an interest rate of 5.5%. With a current norm of 2% this change would mean…
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