BNPL lender Zilch has started reporting its 3 million customers’ borrowing data to UK credit bureaus, in a way that will impact credit scores of up to 3 million customers. Until now Zilch has had partnerships with individual credit bureaus like Experian, but has only used this data as part of its affordability assessments to perform “soft” credit checks…
The UK government faces growing pressure to toughen the rules on lenders charging a majority of customers higher interest rates than originally advertised. As outlined by the FCA, banks and other regulated lenders must offer rates as advertised, to at least 51% of their borrowers. This measure is intended to prevent people from accepting ‘attractive’…
An independent strategic review of UK financial technology (FinTech) has been published in line with the emerging prominence of this sector and the UK’s highly regarded fintech reputation. Also known as ‘The Kalifa Review’, its purpose is to aid the adoption and growth of Fintech in the UK. The review illustrates a strategy and delivery…
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 second national lockdown in England, currently running until 2nd December, is likely to keep lenders’ attention focused on assisting their struggling customers. With the announcement from the government that economic support will continue and mortgage holidays will be extended, lenders across the country are likely to be using their resources and staff to keep…
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…
As of Monday, the eviction ban in England and Wales has ended, leaving up to 55,000 households vulnerable, according to campaigners. Although there has been mounting pressure from councils and charities alike, the legal eviction process can now be progressed fully through the courts. The government’s reasoning for this is that they already extended the…
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…