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BSA and Money Advice Trust launch mortgage arrears guide

BSA and Money Advice Trust launch mortgage arrears guide

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BSA and Money Advice Trust launch mortgage arrears guide
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BSA and Money Advice Trust launch mortgage arrears guide
BSA and Money Advice Trust launch mortgage arrears guide
BSA and Money Advice Trust launch mortgage arrears guide
BSA and Money Advice Trust launch mortgage arrears guide
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
The booklet – called ‘What to do if you can’t pay your mortgage’ – covers six steps borrowers must take to ensure they do not lose their homes, such as what to expect when you contact a lender, the role of debt advisers and a section on where to turn for further help. It also dismisses some of the ‘urban myths’ associated with having mortgage arrears, claim the organisations. The bodies say: “Despite what some people believe, telling your lende...
The booklet – called ‘What to do if you can’t pay your mortgage’ – covers six steps borrowers must take to ensure they do not lose their homes, such as what to expect when you contact a lender, the role of debt advisers and a section on where to turn for further help. It also dismisses some of the ‘urban myths’ associated with having mortgage arrears, claim the organisations. The bodies say: “Despite what some people believe, telling your lende...
Blog: Focus on arrears increases as economy struggles
Blog: Focus on arrears increases as economy struggles
Blog: Focus on arrears increases as economy struggles
Blog: Focus on arrears increases as economy struggles
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
Although interest rates are very low compared to the heady days of the 80s and 90s, the fact remains that they will most probably at least quadruple this year. Mix this with inflation moving towards 10 per cent, those borrowers who stretched themselves to get on the property ladder, whether on fixed rates or not, ... This story continues at Blog: Focus on arrears increases as economy struggles Or just read more coverage at Mortgage Finance Gazette
Although interest rates are very low compared to the heady days of the 80s and 90s, the fact remains that they will most probably at least quadruple this year. Mix this with inflation moving towards 10 per cent, those borrowers who stretched themselves to get on the property ladder, whether on fixed rates or not, ... This story continues at Blog: Focus on arrears increases as economy struggles Or just read more coverage at Mortgage Finance Gazette
Blog: How open banking can help prevent arrears
Blog: How open banking can help prevent arrears
Blog: How open banking can help prevent arrears
Blog: How open banking can help prevent arrears
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
It has become widely recognised that open banking holds the key to unlocking a seamless mortgage journey. With access to a wider and richer array of data, lenders can develop more informed insights about their customers, therefore speeding up the underwriting process by automating affordability calculations in real-time, using detailed financial data. This significantly reduces the risk of human error and helps to avoid unnecessary rejections. Open banking is ...
It has become widely recognised that open banking holds the key to unlocking a seamless mortgage journey. With access to a wider and richer array of data, lenders can develop more informed insights about their customers, therefore speeding up the underwriting process by automating affordability calculations in real-time, using detailed financial data. This significantly reduces the risk of human error and helps to avoid unnecessary rejections. Open banking is ...
Blog: Focus on arrears increasing in stressed economy
Blog: Focus on arrears increasing in stressed economy
Blog: Focus on arrears increasing in stressed economy
Blog: Focus on arrears increasing in stressed economy
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
Rise in credit  Recent Bank of England statistics showed that credit card borrowing was up 10.6 per cent in the last year, the biggest rise in three years. Some of this will be because of the fact that unsecured credit is so readily available, but some will be because monthly disposable income is being squeezed.   An area in particular that has been reported on appears to be disproportionate borrowing rates on personal overdrafts, with many equivalent annua...
Rise in credit  Recent Bank of England statistics showed that credit card borrowing was up 10.6 per cent in the last year, the biggest rise in three years. Some of this will be because of the fact that unsecured credit is so readily available, but some will be because monthly disposable income is being squeezed.   An area in particular that has been reported on appears to be disproportionate borrowing rates on personal overdrafts, with many equivalent annua...
Equitable Bank's mortgage arrears rate triples amid surge in renewals - Mortgage Rates & Mortgage Br...
Equitable Bank's mortgage arrears rate triples amid surge in renewals - Mortgage Rates & Mortgage Br...
Equitable Bank's mortgage arrears rate triples amid surge in renewals - Mortgage Rates & Mortgage Br...
Equitable Bank's mortgage arrears rate triples amid surge in renewals - Mortgage Rates & Mortgage Br...
Canadian Mortgage Trends Canadian Mortgage Tr... | 1 month ago
Equitable Bank saw its mortgage arrears rate triple over the past 12 months now that a majority of its clients have renewed at higher interest rates. The alternative mortgage lender reported that 0.54% of its residential mortgage portfolio is in arrears as of the first quarter, up from 0.25% two quarters ago and 0.18% in Q1 2023. It said the rise in missed payments was due to 85% of its uninsured residential mortgage clients having already renewed their terms at higher interest rates. That’s...
Equitable Bank saw its mortgage arrears rate triple over the past 12 months now that a majority of its clients have renewed at higher interest rates. The alternative mortgage lender reported that 0.54% of its residential mortgage portfolio is in arrears as of the first quarter, up from 0.25% two quarters ago and 0.18% in Q1 2023. It said the rise in missed payments was due to 85% of its uninsured residential mortgage clients having already renewed their terms at higher interest rates. That’s...
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
Number of homeowner mortgages in arrears reduces 10% on last year: UK Finance
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
The data found that the number of homeowner mortgages in arrears continues to fall, with a reduction of approximately 200 compared to the previous quarter and 10% fewer than the same period last year. Within the total, there were 25,160 homeowner mortgages in early arrears, a 1% rise on the previous quarter.  UK Finance says this was the only segment that saw an increase in arrears numbers in Q2, but the number remains 14% fewer than the same period in 2021. ...
The data found that the number of homeowner mortgages in arrears continues to fall, with a reduction of approximately 200 compared to the previous quarter and 10% fewer than the same period last year. Within the total, there were 25,160 homeowner mortgages in early arrears, a 1% rise on the previous quarter.  UK Finance says this was the only segment that saw an increase in arrears numbers in Q2, but the number remains 14% fewer than the same period in 2021. ...
Mortgage debt grew at its fastest pace since 2008: CMHC - Mortgage Rates & Mortgage Broker News in C...
Mortgage debt grew at its fastest pace since 2008: CMHC - Mortgage Rates & Mortgage Broker News in C...
Mortgage debt grew at its fastest pace since 2008: CMHC - Mortgage Rates & Mortgage Broker News in C...
Mortgage debt grew at its fastest pace since 2008: CMHC - Mortgage Rates & Mortgage Broker News in C...
Canadian Mortgage Trends Canadian Mortgage Tr... | 1 year ago
Record-low interest rates drove mortgage debt 9% higher on an annual basis in 2021, its fastest pace since 2008. That pace of growth continued in the first two months of 2022, with year-over-year growth topping 10.6%, according to new data from the Canada Mortgage and Housing Corporation (CMHC). In its bi-annual Residential Mortgage Industry Report, CMHC said the acceleration in mortgage borrowing was driven by increases in uninsured mortgages for both purchases and refinancing. Chartered ban...
Record-low interest rates drove mortgage debt 9% higher on an annual basis in 2021, its fastest pace since 2008. That pace of growth continued in the first two months of 2022, with year-over-year growth topping 10.6%, according to new data from the Canada Mortgage and Housing Corporation (CMHC). In its bi-annual Residential Mortgage Industry Report, CMHC said the acceleration in mortgage borrowing was driven by increases in uninsured mortgages for both purchases and refinancing. Chartered ban...
Mortgage possession actions slowly recovering
Mortgage possession actions slowly recovering
Mortgage possession actions slowly recovering
Mortgage possession actions slowly recovering
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
Mortgage possession actions are slowly recovering from the impacts of Covid-19, according to the latest mortgage and landlord possession data from the Ministry of Justice (MoJ). The data from Q1 2022 found that as a result of the pandemic and associated actions, all mortgage possession actions have dropped significantly compared to Q1 2019. During the ... This story continues at Mortgage possession actions slowly recovering Or just read more coverage at Mortgage Finance Gazette
Mortgage possession actions are slowly recovering from the impacts of Covid-19, according to the latest mortgage and landlord possession data from the Ministry of Justice (MoJ). The data from Q1 2022 found that as a result of the pandemic and associated actions, all mortgage possession actions have dropped significantly compared to Q1 2019. During the ... This story continues at Mortgage possession actions slowly recovering Or just read more coverage at Mortgage Finance Gazette
Blog: ESG is coming for the mortgage market
Blog: ESG is coming for the mortgage market
Blog: ESG is coming for the mortgage market
Blog: ESG is coming for the mortgage market
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
Like it or not, avoiding ESG (Environmental, Social and Governance) issues in the news cycle is proving increasingly impossible, writes Gordon Tveito-Duncan.   Before long, you can rest assured, green and ESG factors will be coming to the world of debt, wrapped in a mortgage, HP, BNPL or a PCP, or the multitude of other ... This story continues at Blog: ESG is coming for the mortgage market Or just read more coverage at Mortgage Finance Gazette
Like it or not, avoiding ESG (Environmental, Social and Governance) issues in the news cycle is proving increasingly impossible, writes Gordon Tveito-Duncan.   Before long, you can rest assured, green and ESG factors will be coming to the world of debt, wrapped in a mortgage, HP, BNPL or a PCP, or the multitude of other ... This story continues at Blog: ESG is coming for the mortgage market Or just read more coverage at Mortgage Finance Gazette
Blog: Rhetoric of unaffordable mortgages is unhelpful to economy
Blog: Rhetoric of unaffordable mortgages is unhelpful to economy
Blog: Rhetoric of unaffordable mortgages is unhelpful to economy
Blog: Rhetoric of unaffordable mortgages is unhelpful to economy
The voice of the UK mortgage i... The voice of the UK ... | 1 year ago
But those deals will end and borrowers need to consider the impact. Recent media comments suggesting homeowners may be unlikely to afford a new fixed rate are unhelpful and risks adding to the uncertain economic climate that borrowers are facing. Any borrower can remortgage with their existing lender onto a new deal without any new affordability testing, providing they are not increasing the value of the mortgage.   The financial impact of remortgaging is li...
But those deals will end and borrowers need to consider the impact. Recent media comments suggesting homeowners may be unlikely to afford a new fixed rate are unhelpful and risks adding to the uncertain economic climate that borrowers are facing. Any borrower can remortgage with their existing lender onto a new deal without any new affordability testing, providing they are not increasing the value of the mortgage.   The financial impact of remortgaging is li...