No-interest loan pilot from Treasury for hard-up borrowers

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

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

Borrowers looking for furlough-friendly mortgages skyrocket in November

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 hit with £26m fine over poor treatment of indebted borrowers

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

First-time buyer 90% mortgages are reserved for ‘gold-plated’ borrowers, warn mortgage brokers

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

More borrowers turn to sub-prime credit cards thanks to pandemic

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

Borrowers face ‘lender lottery’ as 323,000 payment freezes end soon

Hundreds of thousands of people still on breaks from their mortgages and unsecured debts face a potential ‘lender lottery’ from next month as blanket protections are removed. Banking body UK Finance said financially vulnerable people benefiting from 323,700 payment holidays across mortgages, credit cards and personal loans will be offered help ‘tailored to their individual … Read more

Borrowers urged to move debt to a new balance transfer credit credit

Borrowers urged to move debt to a new balance transfer credit card before best deals disappear By Amelia Murray For The Daily Mail Published: 22:00 BST, 13 October 2020 | Updated: 22:00 BST, 13 October 2020 Borrowers are being urged to move debt to a new balance transfer credit card before the best deals disappear. … Read more

Only ONE mortgage is left for 90% borrowers

Homeowners could find it almost impossible to get new mortgage if they have only a small amount of equity in homes when their current deal ends By Sarah Bridge, Financial Mail on Sunday Published: 21:52 BST, 26 September 2020 | Updated: 22:01 BST, 26 September 2020 Homeowners could find it almost impossible to find a … Read more

Borrowers seeing credit card deals dwindle

Borrowers hoping to cheaply combine their debts on one credit card could struggle to find a provider By Daily Mail City & Finance Reporter Published: 22:09 BST, 24 August 2020 | Updated: 22:34 BST, 24 August 2020 Borrowers hoping to cheaply combine their debts on one credit card could struggle to find a provider.  The … Read more