With more and more lenders turning to Artificial Intelligence (AI) software, lenders and customers alike are discovering that technology and humans both come with their own unique sets of pros and cons. Using AI software as a way of deciding how lenders can borrow money and who is approved for a loan can help to…
It may be the season of goodwill, but for some, the festive season isn’t all about glad tidings of comfort and joy. The Christmas period is a notoriously dangerous time for innocent people falling victim to financial fraud. It’s important to stay vigilant and if anything seems suspicious, flag it with your bank before proceeding.…
Crown Preference has officially been implemented as of 1st December causing lenders to fear the aftermath. Crown Preference, a process where taxes collected by bust companies on behalf of third parties such as VAT, national insurance and employee PAYE must be paid off before any funds can be given to banks that had provided loans…
Second charge mortgages are set to face further scrutiny from the Financial Conduct Authority (FCA) after the regulatory body revealed they would be monitoring the quality of recommendations and the fees charged in the sector. The FCA are looking to assess whether or not customers are receiving a product that meets their needs meaning they…
Mortgages with a 90% loan-to-value (LTV) are likely to remain scarce whilst employment figures and the economy remain fragile, expert lenders have warned. With a second lockdown announced for England, an unemployment spike is expected, making lenders wary of committing to anything high-risk. At a recent video conference organised by St James Place, various experts…
The Co-Operative Bank has revealed that new mortgage lending has reached £530 million during the third quarter of 2020. The bank also announced that net residential lending had hit £242 million whilst net SME lending was at £225 million and Bounce Back loans and the Coronavirus Business Interruption Loan Scheme (CBILS) were reported to have…
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 have been warned to expect extra scrutiny on how they treat borrowers during the pandemic, with a particular focus on digital lending, according to Equifax. Equifax, a credit reference agency, warned that the shift towards digital lending and open banking that the coronavirus pandemic has caused will come with its own set of challenges. …
Leaked FinCEN documents have this week revealed how some of the world’s biggest banks have allowed criminals to move dirty money all over the world. The documents include around $2tn of transactions and also reveal how Russian oligarchs have used banks to avoid sanctions that were meant to prevent them from accessing their money in…