Provident to dump doorstep loans arm: Move will drive desperate borrowers into hands of loan sharks, experts warn Pulling down the shutters will send shockwaves through the sub-prime industry, which provides loans to people with patchy credit histories Doorstep loans are where a lender calls at the borrower’s home to collect repayments, usually at high … Read more
BEN WILKINSON: Older borrowers need help when it comes to switching equity release deals By Ben Wilkinson for the Daily Mail Published: 22:00 BST, 27 April 2021 | Updated: 22:00 BST, 27 April 2021 Equity release is now a better product than it has ever been. The interest rates are at a record low and … Read more
Borrowers applying for new 95% mortgages will need ‘squeaky clean’ credit histories, brokers warn By Fiona Parker For The Daily Mail Published: 22:00 BST, 27 April 2021 | Updated: 23:34 BST, 27 April 2021 Borrowers applying for a raft of new 95 per cent mortgages will need ‘squeaky clean’ credit histories, brokers warn. Dozens of … Read more
Checkout credit providers have been accused of making it too easy for young people to get into financial trouble, after research found they often didn’t realise they were taking on debt. A survey of 2,700 users of buy now, pay later services like Clearpay, Klarna, Laybuy, Openpay and PayPal found more than half of 18-34-year-olds … Read more
Treasury pledge to fund £3.8m no-interest loan pilot for hard-up borrowers ‘a step in the right direction’ say debt charities and lenders Scheme could help those who cannot afford to pay interest on loans It is based on an Australian-style community lending scheme Initiative was proposed by previous Chancellor Philip Hammond in 2018 As many … Read more
Danish borrowers are offered interest-FREE mortgages for 20 years The fixed-rate loans are on offer from Danish branch of a Helsinki-based bank Other lenders including Denmark’s largest bank are eyeing up similar offers Denmark’s central bank has had a negative benchmark rate for over eight years By Tim Stickings For Mailonline Published: 15:09 GMT, 6 … Read more
Can you get a mortgage on furlough? Lenders are tightening the screws but if you know where to look, it is possible Searches for furlough-friendly mortgages were up 230% in November Many lenders shunning furloughed workers unless they have returned to work But there are still options available, say mortgage advisers By Ed Magnus For … Read more
Barclays has been hit with a £26million fine by regulators after four years of poor treatment of customers who fell behind on their borrowing. The Financial Conduct Authority said business and personal customers who fell into arrears on their borrowing between April 2014 and December 2018 were not properly contacted by the bank. It added … Read more
Aspiring homeowners hoping to buy their first property with a 10 per cent deposit face limited choice and higher costs than they did a year ago. Of the 86 mortgages available to first-time buyers with a 10 per cent deposit, only 25 of these mortgages are available to all, according to analysis by Defaqto. It … Read more
Desperate borrowers face mounting credit card bills: Surge in people turning to sub-prime plastic charging interest of 35% and beyond Number of new ‘sub-prime’ borrowers taking out credit cards rose 143% This was more than double the rise in all new borrowers in September It suggests those turning to borrowing are being turned away from … Read more