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Mortgage approvals fall as consumer credit borrowing rises in August


By Goran Nastic

Approvals for both purchases and remortgages fell again in August, with mortgage borrowing and consumer credit borrowing rising from the previous month, according to the Bank of England’s latest data.

The central banks' Money & Credit statistics for August found that net mortgage approvals - an indicator of future borrowing - for house purchases fell to 54,900 from 55,900 in July and were below the six-month average of around 60,100


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Majority of landlords cite concerns about income tax rate increases

Almost nine in 10 (88%) landlords are concerned about the 2% rise in income tax rates applying to all rental income from properties held in personal names, with many calling on the government to resist imposing further costs, Pegasus Insight has revealed

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Govt to introduce ‘Your First Home’ scheme in upcoming Budget

The government has confirmed that a new equity loan scheme, Your First Home, will be introduced at next month’s Budget, with the aim of helping more people achieve homeownership.

The scheme is set to tackle the deposit barrier for first-time buyers by introducing 2.5% deposits, alongside 20% government-backed equity loans, for those purchasing a new-build property from a developer signed up to the scheme

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Savings accounts earning 1.5% or less reach £327bn

UK savings accounts earning 1.5% or less in interest currently hold a collective £327bn, Spring has revealed

Gen X pension withdrawals risk unexpected tax bills

More than 300,000 people aged 55 to 64 fully emptied their pension pots when first accessing them in the year to March, potentially exposing themselves to unexpected tax bills, according to analysis by financial advice firm NFU Mutual

Pure Retirement

HNW clients ‘increasingly anxious’ as Budget tax rumours swirl

High net worth (HNW) clients are increasingly anxious about the future direction of UK tax policy, as speculation intensifies around what could be announced in the Autumn Budget, Rathbones has stated
Britons feel unprepared for financial shocks, study finds

Almost half of Britons feel financially unprepared for major life events, despite recognising the importance of long-term financial planning, according to new research

Pure Retirement

Pensions UK calls for timetable to raise auto-enrolment contributions

Almost one in six of working-age adults are not confident they are saving enough to maintain their standard of living in retirement, while 82% see under-saving as a major issue in the UK, according to research for Pensions UK

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Majority of landlords cite concerns about income tax rate increases

Almost nine in 10 (88%) landlords are concerned about the 2% rise in income tax rates applying to all rental income from properties held in personal names, with many calling on the government to resist imposing further costs, Pegasus Insight has revealed

Mortgage approvals fall as consumer credit borrowing rises in August

Approvals for both purchases and remortgages fell again in August, with mortgage borrowing and consumer credit borrowing rising from the previous month, according to the Bank of England’s latest data. The central banks' Money & Credit statistics for August found that net mortgage approvals - an indicator of future borrowing - for house purchases fell to 54,900 from 55,900 in July and were below the six-month average of around 60,100

Govt to introduce ‘Your First Home’ scheme in upcoming Budget

The government has confirmed that a new equity loan scheme, Your First Home, will be introduced at next month’s Budget, with the aim of helping more people achieve homeownership. The scheme is set to tackle the deposit barrier for first-time buyers by introducing 2.5% deposits, alongside 20% government-backed equity loans, for those purchasing a new-build property from a developer signed up to the scheme

Complex income leaves majority of Scots fearing they will never own a home

More than half (55%) of Scottish adults with complex income who do not own their own home fear they may never get on the property ladder, according to research from Pepper Money

Gen X pension withdrawals risk unexpected tax bills

More than 300,000 people aged 55 to 64 fully emptied their pension pots when first accessing them in the year to March, potentially exposing themselves to unexpected tax bills, according to analysis by financial advice firm NFU Mutual

Almost half of UK adults would support introduction of wealth tax at Budget

Over two in five (44%) people in the UK would support the introduction of a wealth tax as a percentage of total assets, while only 23% of people are against it, research from AJ Bell has found

Income tax and CGT receipts rise £16.6bn

HM Revenue & Customs (HMRC) receipts from income tax, capital gains tax (CGT) and national insurance contributions (NICs) reached £230.9bn between April and August, up £16.6bn on the same period last year. PAYE income tax and NICs accounted for exactly £214bn of the total, £16.9bn higher year-on-year

IHT receipts fall year-on-year in August

Inheritance tax (IHT) receipts dropped from £658m to £598m year-on-year in August, but the latest figures still signal towards the sixth consecutive year of record collections, HMRC has revealed

FCA joins industry and consumer groups to boost protection insurance uptake

The Financial Conduct Authority (FCA) is teaming with industry, government and consumer groups to encourage more people to consider protection insurance, after finding that around 58% of UK adults have no life insurance, critical illness cover or income protection

Restore Britain unveils plan to abolish FCA/PRA in their current form

Restore Britain has unveiled a plan to abolish the FCA and the PRA in their current form

More than one in 20 financial services complaints take over eight weeks to resolve

More than a fifth of complaints made to financial services firms take at least eight weeks to resolve, according to analysis by Huntswood of the latest FCA complaints data

FCA secures majority of victims’ money back from convicted fraudster

Victims of convicted fraudster, John Burford, are set to recover most of the money they invested after the FCA obtained a confiscation order against him

Savings accounts earning 1.5% or less reach £327bn

UK savings accounts earning 1.5% or less in interest currently hold a collective £327bn, Spring has revealed

Britons feel unprepared for financial shocks, study finds

Almost half of Britons feel financially unprepared for major life events, despite recognising the importance of long-term financial planning, according to new research

Building societies pay £2.1bn extra in interest in 2025

Building societies paid savers an extra £2.1bn in interest in 2025 compared with average rates offered by the UK’s largest banks, Moneyfacts has found

£85.5bn languishes in outdated cash ISAs

£85.5bn is held in instant-access cash ISAs opened before 2020, with savers earning an average interest rate of just 1.94%, according to analysis from Skipton Building Society. The analysis of CACI Current Savings Database stock data for June 2026 found that the £85.5bn held across adult instant-access ISAs opened between 2000 and 2019 could generate almost £1.7bn more interest a year if it were earning 3.90%, equivalent to Skipton’s highest-paying easy-access ISA rate at the time of the analysis

Pensions UK calls for timetable to raise auto-enrolment contributions

Almost one in six of working-age adults are not confident they are saving enough to maintain their standard of living in retirement, while 82% see under-saving as a major issue in the UK, according to research for Pensions UK

Total value withdrawn from pension pots surges by over 20% in 2025/26

The total value of withdrawals from pension pots increased by 21.7% to £91.2bn in the year ending 31 March 2026, with annuity purchases and those entering drawdown both rising, data from the Financial Conduct Authority (FCA) has revealed

Half of Britons would delay retirement to own home outright

Just over half of UK adults would be willing to delay retirement to ensure they own their home outright, with people prioritising homeownership over pension, according to research from PensionBee

Advisers urged to make retirement planning a ‘family affair’ amid participation gap

Financial advisers should make retirement planning a ‘family affair’, with UK advice firms facing a participation gap, according to Scottish Widows and NextWealth

HNW clients ‘increasingly anxious’ as Budget tax rumours swirl

High net worth (HNW) clients are increasingly anxious about the future direction of UK tax policy, as speculation intensifies around what could be announced in the Autumn Budget, Rathbones has stated

Consumer confidence rises for third month but inflation clouds outlook

UK consumer confidence rose one point to -13 in September, a third consecutive monthly increase to hit a two-year high, although households remained cautious amid renewed inflation pressures, according to GfK's latest index

Cash ISA subscriptions jump to £95.6bn ahead of planned reforms

British savers subscribed to £135.7bn of adult ISAs in the 2024/25 tax year, up £32.7bn year on year, with Cash ISAs accounting for most of the increase, according to new HMRC data

Inflation rises by 3.1% in August

Consumer price index (CPI) inflation rose 3.1% in the 12 months to August, up from 2.9% the previous month, the Office for National Statistics (ONS) has revealed. On a monthly basis, CPI inflation rose 0.5%, up from 0.3% the previous year

AI poised to reshape workplace pensions

Artificial intelligence is poised to reshape the UK defined contribution (DC) pensions market, with employers increasingly looking to use the technology to improve member communications, engagement and retirement outcomes, according to a new WTW survey

AI will raise speed expectations for letting agents

Artificial intelligence is more likely to replace individual tasks than letting agents themselves, but the technology will raise expectations for faster service, smarter decision-making and greater efficiency across the lettings sector, Propoly has argued

Almost half of Gen Z say AI has changed their mind about a decision

Almost half of Gen Z adults say AI has influenced a decision they made, and a majority trust the technology, with AI playing a growing role in shaping personal and financial choices, according to research commissioned by Aegon

Financial services businesses risk ‘AI invisibility’ by ignoring reviews

The financial services sector is facing a "critical strategy-action gap" that puts many firms at risk of losing market share because they are becoming invisible in the AI answers consumers are using to make decisions, TrustPilot has stated

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Together joins Equity Release Council

Specialist lender Together has joined the Equity Release Council as the later life lending market diversifies beyond traditional equity release products

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