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The Latest Breaking News from UK Finance

21% of new first-time buyers stretch mortgage terms for more than 35 years

The trend of longer-term mortgages is ‘further evidence of the ongoing affordability crunch’, according to UK Finance’s Household Finance Review.

The Independent UK

Business manifestos: six pre-election proposals touted by UK industry

The business groups’ big ideas, from payroll savings schemes to making big tech compensate for fraud on its platforms

The Guardian - UK

Next UK government should introduce scams legislation, says City lobby group

Group wants big tech social media firms to pay up to £40m a year to reimburse customers after years of shouldering cost of fraud

The Guardian - UK

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Demand for Taylor Swift’s UK tour could fuel summer ticket fraud bonanza

‘Purchase scams’ often pegged to big events, warns UK Finance’s annual fraud report

The Guardian - UK

Tricked consumers lose record amount to purchase scams in 2023 – UK Finance

People looking to attend events such as the Olympics and Taylor Swift concerts could be targeted by scammers this year, UK Finance said.

The Independent UK

Recommendations to help economic abuse survivors regain financial independence

Issues that prevent survivors from regaining their financial independence and achieving economic safety must be addressed, UK Finance said.

The Independent UK

Are 25-year UK mortgages a thing of the past?

Younger homebuyers are turning to ultra-long loans, prompting fears over the risk to their finances and the wider economy

The Guardian - UK

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City of London watchdog is making a fair point on ‘naming and shaming’

Disclosure of the identities of firms under investigation by FCA could be in the public interest

The Guardian - UK

Even a ‘rate shock’ for British mortgage borrowers may not help the banks

The prospect of home loan rates staying high for longer is not the tonic for lenders’ financial results it once was

The Guardian - UK

Ex-police chief says he didn't report wife's stolen credit card... as thief spent less than her

Fellow peers were left struggling to work out if he was joking or not...

Evening Standard

Jeremy Hunt may launch ‘British Isa’ investing in UK company shares

Chancellor hints at tax-free plan for budget as part of efforts to revive country’s stock market

The Guardian - UK

UK homeowners with mental health problems ‘spend less on essentials to pay mortgage’

Charity set up by Martin Lewis says up to 1.3m people forced to cut back on food, energy and even medicine

The Guardian - UK

Mortgage rates are falling but borrowers are still feeling the squeeze – a finance expert explains how to cut your repayments

Around 5 million households have seen their mortgage interest rate change since the Bank of England base rate started to rise in late 2021. Over the course of the 2023 alone, the base rate increased from 3.5% to 5.25%, surpassing economists’ expectations and pushing mortgage rates to the highest levels…

The Conversation

Squeeze on home buyers’ budgets set to continue into 2024, say experts

But potential cuts to interest rates, as well as lower house prices in some locations, could provide house hunters with new opportunities.

The Independent UK

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The Guardian - UK

Average asking price for home in UK drops by £7,000 in December

Prices usually decrease at this time of year but fall is greater than 20-year average owing to high mortgage rates, says Rightmove

The Independent UK

Mortgage lending set to fall in 2024 as arrears grow – UK Finance

The outlook for next year was one of continuing challenges in the mortgage market, the trade association said.

The Independent UK

High house prices and mortgage rates squeeze affordability for lower earners

In 2021, 57% of first-time buyers had household incomes of less than £50,000, but by 2023 this proportion had fallen to 46%, UK Finance said.

The Independent UK

Parents warned about Black Friday scam ahead of huge shopping day

Only a quarter of parents said they always researched sellers before they buy on Black Friday

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The Independent UK

Black Friday scam warning issued to parents

More than a quarter of parents said they have been tricked into a purchase scam, according to a survey.

The Independent UK

44% of people ‘have hidden sales spending from their partner’

Men are more likely to have concealed sales purchases and are also more likely to say they suspect their partner of doing so, a survey indicates.

The Guardian - UK

Sharp rise in landlords and homeowners in mortgage arrears, data shows

Number of buy to let mortgages in arrears doubles in a year as amateur landlords struggle with interest rate rises

The Independent UK

Mortgage arrears jump as homeowners and landlords feel pressure from rate hikes

Some 87,930 homeowner mortgages were in arrears in the third quarter of 2023, 7% more than the previous quarter, UK Finance said.

The Independent UK

Banks’ performance in dealing with APP scam victims revealed by regulator

The Payment Systems Regulator said there are inconsistent outcomes for customers who report an APP scam to their bank or building society.

The Guardian - UK

UK consumers lose £580m to fraudsters in first half of 2023, figures reveal

‘Particularly nasty’ romance scams and ID theft among fastest growing categories with total of 1.4m cases recorded, says UK Finance

The Independent UK

Purchase and romance scams drive authorised fraud cases a fifth higher

Criminals stole £580 million through authorised and unauthorised fraud over the first six months of 2023, UK Finance revealed.

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