The income requirements for first time mortgages are on the rise across the UK as lockdown restrictions ease and the housing market reopens. Research undertaken by Hamptons International and Guardian Money found that in order to afford the average first time buyer property in the UK, borrowers who had managed to save a 15% deposit…
Barclays have warned that they face making cost cuts as a direct result of the economic impact of the Coronavirus pandemic as their bad debt provisions are pushed to £4.3 billion. The bank beat profit forecasts for the third quarter of 2020 however have put aside a further £608 million to help cover a potential…
The threat of repossessions looms for thousands of homeowners across the UK as measures introduced to protect them during the coronavirus pandemic are lifted. As of next month, borrowers will no longer be able to ask their lenders to defer mortgage payments and a moratorium on repossessions for mortgage arrears will be lifted. Mortgage holidays…
Experts have predicted that second charge lending will grow by 100% in the second quarter of 2020. Leading second charge brokerage Loans Warehouse made the prediction about second charge loans, where borrowers are able to use existing equity in a property towards a second loan, after seeing some market recovery following the lockdown caused by…
Lenders across the UK have been warned to ‘go easy’ on homeowners as repossessions restart following a period of halt. Lenders have been warned by the Financial Conduct Authority (FCA) that they must treat the 1.8 million homeowners who have taken out a mortgage holiday over the past few months fairly. Director of Consumer and…
The language of statutory notices in the UK is set to become less threatening and more supportive. Letters which are used to chase consumers for debts have been described as ‘thuggish’ by experts and the change to the outdated rules are being universally welcomed. The Money and Mental Health Policy Institute have championed the cause,…
A new report suggests that up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid. The National Audit Office (NAO), the government’s spending watchdog, claimed that taxpayers could lose up to £26b thanks to fraud, organised crime or default. The Bounce Back loans scheme was aimed at small…
Prime Minister Boris Johnson sparked concern with lenders and mortgage experts when he revealed he wants to create a ‘Generation Buy’ with the help of 95% mortgages. His proposed plans are aimed at helping young people to buy homes and get themselves on the property ladder and came ahead of his hotly anticipated Conservative Party…
Regulators have confirmed the new rights for borrowers with credit cards, overdrafts or other loans. Since the coronavirus pandemic began back in March, borrowers have had the right to take a payment holiday on overdrafts, credit cards and other debts however that right is set to end next month. Now though, the FCA have confirmed…