Mortgage lenders have tightened their criteria for mortgage applicants ahead of changes to the governments furlough scheme. The tightening was predicted by brokers and is being made in line with upcoming changes in the furlough scheme that comes to an end in October. The current government guidance surrounding the end of the scheme states that…
The UK’s Financial Conduct Authority (FCA) has confirmed it is set to ban motor finance commission models that offer incentives to dealers and brokers to set higher interest rates. The ban will refer to commission models in the motor finance market where the amount of commission the broker receives is linked to the interest rate…
Mortgage lenders have been told by the Financial Conduct Authority (FCA) that they are expected to continue offering support to borrowers who are in a difficult financial situation thanks to the coronavirus pandemic. New guidance published by the FCA last week is in place for consumers who continue to be affected by the pandemic as…
Demand for houses across the UK has soared post-lockdown according to a report from property experts Zoopla. The report revealed that properties are selling faster than before the pandemic as buyers return to the market on the hunt for three and four bedroom houses with space to work from home in particular. Large homes in…
The government’s planning permission changes have been welcomed by peer-to-peer lending platforms who focus on property development loans. The permitted development changes from the government are expected to result in a rise of business from small and medium sized enterprise (SME) borrowers. The new rules that came into play on 1st August allow two-story extensions…
Spanish banks are preparing for a rebound in defaulted payments. The European Central Bank (ECB) has calculated its estimates following stress tests at the start of the month, revealing that various state-backed guarantee programs launched to boost credit during the coronavirus pandemic are likely to have a negative impact of around 21 billion euros. The…
The Financial Conduct Authority (FCA) have issued a stark warning to high-cost lenders in regards to their re-lending practices. They have raised ‘significant concerns’ over the marketing practices used by high-cost lenders which they believe drive vulnerable borrowers into further debt. The warning comes after a review of 250,000 customers of the short-term, high-cost credit…
The latest rental index from Zoopla has offered insight into the UK rental market as the UK economy plunges into a recession. The report suggests that a two-speed rental market is emerging with a supply/demand imbalance supporting rental growth in many major UK cities while greater supply in London is resulting in a downward pressure…
Forecasts have suggested that consumer borrowing from UK banks is set to plummet at the fastest rate on record this year, thanks to the recession caused by the coronavirus pandemic. The pandemic has seen a major change in how banks operate and their lending patterns. Whilst lending to businesses continues to increase thanks to lockdown…
The Bank of Spain has warned that the coronavirus pandemic will have a negative impact on the quality of the bank’s credit portfolios. In an article published on the bank’s website, the Governor of the Bank of Spain, Pablo Hernández de Cos, said that the magnitude of the negative impact will be dependent on the…