Credit, Collections & Insolvency News
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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Mortgage lending is expected to rise 4% this year, following strong demand in the first half of the year, but slow sharply in 2023 with just 0.7% growth due to rising mortgage rates and falling real household incomes, according to the latest EY ITEM Club Outlook for Financial Services. This would be the lowest rate of mortgage…
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Over five million families are set to see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024 – with £1,200 of that reflecting higher expectations of interest rate rises since the ‘mini-budget’ according to new analysis published by the Resolution Foundation. With the UK’s low-interest rate era…
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Banks including Santander, HSBC and Yorkshire Building Society have suspended mortgage deals after a fall in the pound prompted forecasts of rising interest rates, with the lenders joining Virgin Money and Skipton Building Society in halting mortgage offers for new customers. Meanwhile, Nationwide said it will lift rates on a range of fixed mortgages, Lloyds…
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New figures released by the Finance & Leasing Association (FLA) have shown that second charge mortgage new business volumes grew by 29% in July. 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA),…
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The average household that took out a mortgage in 2021 faces a 3% reduction this year in the amount of disposable income it has left over after home loan, credit commitments and living costs, according to UK Finance. The analysis found most borrowers across all income brackets would still qualify for the same sized mortgage…
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Credit card spending and personal loan borrowing both increased in the first quarter of 2022, returning to pre-Covid trends as the last restrictions were ended according to new analysis by UK Finance. Total credit card spending was £50.4 billion, with March seeing the second highest spending since the pandemic. There was a significant increase in…
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New research by UK Finance has found that the stock of outstanding interest-only mortgages fell by 15 per cent in 2021, compared with the position at the end of 2020. The concerted industry strategy to manage down the size and risk profile of the interest-only book has seen it reduce by over two thirds since…
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New figures released by the Finance & Leasing Association (FLA) show that Second charge mortgage new business volumes grew by 59% in February 2022. Commenting on the latest new business figures for the second charge mortgage market, Fiona Hoyle, Director of Consumer & Mortgage Finance and Inclusion at the Finance & Leasing Association (FLA), said…
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A Property Tracker Report from the Building Societies Association (BSA) has highlighted that mortgage affordability is a growing barrier to buying a home. The data reveals that just 18% of people think now is a good time to buy a property. This is the lowest figure seen since the Report began at the height of…
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The latest mortgage lenders’ statistics suggest the housing market is cooling down, according to property experts. In the latest figures published by the Bank of England, the outstanding value of all residential mortgage loans was £1,613.4 billion at the end of Q4, 2021 – up 4.7% on the same period the year before. The value…
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