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…
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…
Banks in Italy and Greece had been hoping that securitisation – the pooling together of loans, which are then sold as securities to investors – would help them to write off billions of Euros worth of debt that had been accrued over the last billing cycle. It has now transpired that both countries will be…
Small business owners have been venting their frustrations regarding an alleged lack of help from lenders. Those who are pursuing the money that they are owed are seeing blame shifted onto them by disgruntled borrowers who are appealing for more time to make repayments. Lenders such as Funding Circle are keen to offer their customers…
The UK economy has taken what looks to be the first, tentative step toward the worst recession of the last 300 years. First-quarter figures report a slump unseen since the financial crash of 2008. Despite experts confidently describing the collapse of Lehman Brothers as an event we would never witness again in our lifetimes, the…
Plans to give homeowners 12-month mortgage payment holidays are being reviewed by the Financial Conduct Authority (FCA) according to reports from various outlets. The plans are being tabled in a bid to assist homeowners who are in financial difficulty and prevent mass defaults, in turn reducing the repossession of homes. FCA officials have stated that…