UK’s biggest lenders write off loans of £1.76 billion a more than 50% from last year Growing bad debt a result of the uncertainty around Brexit situation and slowing global economy Banks to take a hit on their revenues because of declining mortgage interest rates in the past five years The growing rate of writing […]
Tag: UK
New FCA Regulations To Unchain Holders Of Mortgages From High Mortgage Rate Deals
The Financial Conduct Authority has removed regulations that bar mortgage prisoners from transferring their high mortgage rate product to another provider. Mortgage prisoners cannot meet the affordability criteria to switch their products, and thus, they are trapped paying high mortgage rates. The rates are substantially higher relative to the fixed rates that new customers receive. […]
Softbank To Invest £510 Million In Greensill As Part Of Launching An Alternative Service To Payday Loans
Payday loans could soon be a thing of the past after Softbank indicated that it will invest £510 million Greensill. Lex Grensill a founded Morgan Stanley banker created the online finance platform. New payday service to see an end to payday loans Greensill announced the new acquisition is part of its plan to introduce a […]
Growing Market Concerns Following Declining UK Mortgage Lending To A Six Month Low
In September the proportion of new mortgages in the UK approved by banks dropped to a new six-month low. However, there was a significant increase in annual numbers by around 13.5%. This is an indication that the UK property market is decelerating owing to the uncertainties surrounding Brexit. New home mortgages decline in September According […]
UK Payday Loans Lender QuickQuid Goes Into Administration As Customer Complaints Pile
The UK’s largest Payday loans lender QuickQuid is to close which will leave several complaints regarding its lending unresolved. The payday loans company has indicated that it will be folding from the UK market because of regulatory uncertainty. Payday loans lenders mis-sold customers unaffordable loans Customers raised complaints that the lender offered them loans that […]
The UK Financial Conduct Authority Bans Commissions Paid On Car Finance Agreements
The UK Financial Conduct Authority has announced a ban on car finance commission following complaints that dealers are exploiting customers. Broker and retailers have received criticism of pushing buyers into high-interest rates as a way of boosting kickbacks. FCA bans car finance commissions The decision to ban dealers from earning commission on car finance will […]
First Direct To Relax Its Credit Requirements For Customers With Bad Credit Score
Internet-based bank First Direct will start allowing customers with bad credit histories to open accounts. This is in a bid to help them in boosting their credit scores going forward. The bank plans to have a makeover so that it can be accessible to many people. This will thus help the bank to take on […]
NatWest Credit Cards Receive A Technological Upgrade, But Is It Enough To Make Them Attractive To Its Customers?
After a considerably long period of time, the technology installed within credit cards has finally received an upgrade, thanks to NatWest. The UK-based retail banking company, more formally known as the National Westminster Bank, has announced that it would be testing-out its latest biometric credit cards with 150 of its customers over the next three […]
What Should I Look For When I Compare Loans Providers?
Compare Loan Providers With hundreds of lenders currently operating in the UK loans market, wading through each individual provider is not only incredibly time consuming but comes with no guarantee of actually being accepted. Instead, CreditRaters.com can help you to quickly and easily compare UK loans by doing the legwork on your behalf. We’ll use […]
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