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…
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…
The UK government has revealed that tenants across the country affected by coronavirus will continue to be supported throughout the autumn and winter months. The new laws issued by the government are being put in place to help both renters and buy-to-let landlords who are impacted directly or indirectly by coronavirus. One of the major…
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…
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…
Major bank Barclays have revealed the true extent of how coronavirus has impacted their business. The bank revealed that they set aside £3.7 billion in the first half of the year in order to cover loan losses as the pandemic impacted customers and businesses across the country. Barclay’s diversified its business model as a key…