Complaints have been rising at loan firm Amigo Loans as the company looks set to miss its targets set by regulators. The firm was tasked with clearing a backlog of approximately 9000 complaints by 26th June, as agreed with the Financial Conduct Authority (FCA). Amigo agreed to set aside £35m to settle the complaints which…
New data from UK Finance has revealed that almost 2 million (1.9 million) mortgages are currently on payment deferrals, making up a sixth of all UK mortgages. The mortgage holiday scheme was introduced by the UK government back in March 2020 as a response to the Coronavirus pandemic. Part of an unprecedented set of measures…
The Spanish investment market has faced two major announcements in recent days. Firstly, major bank Banco Santander announced plans to invest €1 billion into NPLs (NonPerforming Loans). The bank is looking to enter the global market as a buyer of the doubtful credit or NPL market, according to Expansion. In order to prepare for the…
Banks across Greece are beginning to secure their bad loans planned for 2020 as the uncertainty brought on by the current economic crisis begins to have an impact on various non-performing credit portfolios. There are various factors that will contribute to the securitisation of the loans including the size of the economic recession and recovery…
Lloyds Bank plc, Bank of Scotland plc and The Mortgage Business plc, all part of the Lloyds Banking Group, have been fined by The Financial Conduct Authority (FCA) in relation to how they have handled customers in payment difficulties and arrears. The three major banks have been issued with a fine of £64,046,800 between them…
The coronavirus pandemic has had an impact on every industry, but for construction and real estate it could be looked back on as a watershed moment. The industry has felt the impact hard but if embraced, the changes the pandemic has brought could lead to a brighter future. In the short term, there is no…
As the coronavirus lockdown took hold across the country, many buildings were repurposed to aid the fight of the virus. From London’s Excel Centre transforming into the first Nightingale Hospital to hotels turning into accommodation for key workers and car parks becoming testing centres, the world adapted fast. Now, new government guidance has offered the…
Mortgage holidays came into place in March to help borrowers who were impacted by the Coronavirus crisis. They offered a three month break from mortgage repayments without having an impact on personal credit ratings. Whilst the break from payments is due to end in June, the Treasury announced that those who needed to, would be…
Mortgage payment holiday application deadlines have been extended for those who continue to struggle with repayments. The City regulator took the action as reports of a sharp decline in house prices emerged during the Covid-19 pandemic. The report, conducted by Nationwide, has shown a monthly fall in prices more severe than any from the previous…