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The Latest Breaking News from UK Finance

Shrinking number of homeowners sitting on interest-only mortgages, figures show

UK Finance said there were around 150,000 fewer mortgages on interest-only terms at the end of 2024 than at the start.

The Independent UK

‘We’re being attacked all the time’: how UK banks stop hackers

Devastating attacks at M&S, the Co-op and Harrods highlight risks as lenders say cybersecurity is biggest expense

The Guardian - UK

‘Difficult retirement spending choices’ as older borrower mortgage lending jumps

UK Finance’s figures provide a quarterly insight into mortgages taken out by borrowers over the age of 55.

Evening Standard

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Take up of heat pumps ‘may be boosted if households shown running cost savings’

UK Finance said action is needed to help drive demand for ‘green’ home upgrades.

Evening Standard

Record £14 billion cash Isa injection made by savers in April

Higher rates and ‘rumbling discussions about the future of the cash Isa’ pushed tax efficiencies to the top of to-do lists, one expert suggested.

Evening Standard

UK banks urged to beef up anti-fraud systems for international payments

Data reveals ‘notable increase’ in scammers tricking people into sending money abroad

The Guardian - UK

Customers conned into sharing passcodes as online fraud cases surge in UK

Criminals are using social engineering to trick people into divulging one-time passcodes

The Independent UK

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‘Remote purchase’ fraud in UK surges as customers tricked into disclosing passcodes

Banks say every day 7,000 incidents take place where scammers get people to disclose unique set of numbers

The Guardian - UK

Jump in unauthorised fraud cases last year – UK Finance

Criminals are using social engineering to trick people into divulging one-time passcodes, UK Finance said.

The Independent UK

Cash Isas: ministers sound out City bosses on cutting £20,000 tax-free allowance

Investment firms say scaling back tax breaks would help UK stocks, but banks and public are wary of change

The Guardian - UK

18% quarterly jump in homeowner mortgage repossessions

Current repossessions predominantly relate to older mortgages, UK Finance said.

The Independent UK

Nearly a quarter of parents with adult children ‘have had them boomerang home to live’ for years

Two in five mothers surveyed would be happy to welcome their children back as adults, as would one in three fathers, according to the new data

Evening Standard

True value of ‘bank of mum and dad’ for first-time buyers revealed in new analysis

Years of saving and thousands of pounds are saved with family support, researchers find

The Independent UK

Bank of mum and dad ‘helps first-time buyers purchase homes two years earlier’

The growing reliance on family support risks deepening housing market inequality, according to UK Finance, which carried out the analysis.

Evening Standard

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Evening Standard

Tracker mortgage holders could save nearly £350 a year following rate cut

Thursday’s base rate reduction by the Bank of England would help boost housing market activity, property experts said.

The Guardian - UK

UK interest rate cut: what does it mean for mortgages and savings?

The Bank of England has voted to cut the cost of borrowing, reducing the base rate to 4.25%. Here’s what it means for you

Evening Standard

Jump in number of buy-to-let loans taken out in final quarter of 2024

Global uncertainty and weaker equity markets had led to ‘canny investors’ looking for opportunities in the housing market, one property expert said.

Evening Standard

More than £1 trillion worth of card transactions made in 2024, says UK Finance

The average contactless transaction last year was for £15.86, UK Finance said.

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The Guardian - UK

‘Sim farms’, high heels, zombie knives: what scammers buy with the money they steal

A haul of items seized by police reveals the scale and threat of payment fraud – a crime that can have significant emotional impact on victims

The Guardian - UK

UK ministers and officials treated to hospitality 3,500 times in five years, study finds

Some of firms providing meals and tickets also among those to secure most meetings in key departments

Evening Standard

Dip in number of mortgage approvals to home buyers in January

Some buyers may have decided they are too late to take advantage of a stamp duty holiday by the end of March, a finance expert said.

Evening Standard

Later life mortgage lending jumped in the fourth quarter of 2024

Stretched finances mean some people may need to borrow for longer, not out of choice but out of need, one expert said.

Evening Standard

Criminals offering fake help with fuel bills in digital wallet scam

The mobile phone scam, which could also involve fake notifications about parcels not being delivered, has links to international crime groups.

The Independent UK

Home repossessions increase but mortgage arrears on ‘downward trend’

While pressures remain, the challenges of higher interest rates and cost-of-living increases have started to ease, UK Finance said.

The Guardian - UK

Two men sentenced in UK over £1m fraud based on stolen banking letters

Muhammed Qayyum and Adbdul Khan intercepted post and used it to gain access to victims’ account details

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