Borrowers are being forced to commit more of their disposable income to utility bills, claims the Consumer Credit Counselling Service. In its annual review published last week, the service revealed that its high income clients’ household budgets have soared from £448 to £776 a month. Clients over 60 have the most debt, averaging £29,642.
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Lenders have finally awoken to the danger of irresponsible lending and are tightening their criteria accordingly.
The Council of Mortgage Lenders says it hopes positive news from Fitch Ratings about the long-term outlook for UK sub-prime securitisations will boost confidence in the sector.The ratings agency published a report last week claiming it was confident adverse residential mortgage- backed securities market can weather the ongoing economic storm affecting the financial industry.Fitch says […]
Premier Network Group has launched an introducer service for brokers looking to diversify the products they offer.The service allows brokers to earn a referral fee from a range of financial products. Clients will be referred to Trilogy Financial Services via PNG for advice on life and general insurance, mortgages, pensions and investment and equity release.Karen […]
John Malone , managing director of Premier Mortgage Service, will stay on in his role for up to two years to help the mortgage club survive the market downturn.He says: “I thought the situation would be pretty bad this year but I did not expect it to be this serious.“If a new person was to […]
By Roy Armitage, head of credit at LendInvest Last month saw three-quarters of the membership of the Council of Mortgage Lenders (CML) vote in favour of plans to create a super-trade body, which would see the CML merge with the likes of the British Bankers’ Association and Payments UK. There is little room for misty-eyed […]
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