Latest news with #loans
Yahoo
an hour ago
- Sport
- Yahoo
Man Utd expect multiple loan departures to come
Manchester United's US tour squad has sharpened the minds of a few younger players when it comes to assessing options for next season. Left-back Harry Amass was omitted so he could secure a loan move and a number of options have already opened up. Midfielder Jack Moorhouse - who like Amass went on United's post-season tour of Malaysia and Hong Kong - is likely to go on loan to Leyton Orient in League One. After his spell at Doncaster Rovers last season, 20-year-old wide player Ethan Ennis is looking at another temporary move. And Ethan Wheatley, fresh from his goalscoring contribution to England Under-19s' European Championship campaign is another likely to be moving out, at least in the short term. Goalkeeper Radek Vitek, a surprising omission from the US tour party, is also lined up for a loan deal. For the latter two in particular, it will be interesting to see if United look at a permanent transfer given the Profit and Sustainability Rules benefit that would come from it.
BBC News
an hour ago
- Sport
- BBC News
Man Utd expect multiple loan departures to come
Manchester United's US tour squad has sharpened the minds of a few younger players when it comes to assessing options for next Harry Amass was omitted so he could secure a loan move and a number of options have already opened Jack Moorhouse - who like Amass went on United's post-season tour of Malaysia and Hong Kong - is likely to go on loan to Leyton Orient in League his spell at Doncaster Rovers last season, 20-year-old wide player Ethan Ennis is looking at another temporary Ethan Wheatley, fresh from his goalscoring contribution to England Under-19s' European Championship campaign is another likely to be moving out, at least in the short Radek Vitek, a surprising omission from the US tour party, is also lined up for a loan the latter two in particular, it will be interesting to see if United look at a permanent transfer given the Profit and Sustainability Rules benefit that would come from it.
RNZ News
13 hours ago
- Business
- RNZ News
Sharp rise in housing and personal loans hardship cases over past year
Photo: RNZ Banks and other lending groups are being more accommodating in their approach to borrowers in deep financial trouble, according to a credit agency. Equifax's latest report shows a sharp rise in hardship cases particularly in housing and personal loans over the past year -- up 25 and 40 percent respectively for the 12 months ended May. New Zealand manager Nick Foster said unlike past downturns lenders have not been taking an unnecessarily hardline approach. "The change in lenders' attitudes is markedly different to the GFC (global financial crisis) where we saw a lot of people have their mortgages foreclosed for going into serious default listing within the [credit] bureau. "We have in the last year seen a big increase in defaults in quite a while -- that's when it goes beyond 90 days in arrears --... but on the whole that's the very last resort for lenders and we're not seeing as much as we have in previous cycles of economic uncertainty." Foster said lenders were much more open to making schemes of arrangement with troubled borrowers to restructure loans. However, data showed individuals dipping into their Kiwisaver accounts for hardship reasons and withdrawing $470 million in the past year. Overall, arrears levels were generally steady in May on the month before, and in many categories were close to or a shade below last year's levels. However, personal loans in arrears were higher, which Foster said reflected that most were unsecured and so there was nothing for a lender to be able to take back to cover long running debt. He said generally households were keeping control over debt levels as shown by soft demand for big consumer ticket items, and the rise in housing credit enquiries was largely existing borrowers looking to refinance at lower rates.
Telegraph
15 hours ago
- Business
- Telegraph
Tories accuse Reeves of covering up £10bn of borrowing
The Conservatives have accused Rachel Reeves of covering up an extra £10bn of debt after loans to state-backed entities were allegedly 'buried' in spending documents. Mel Stride, the shadow chancellor, claimed Ms Reeves hid the figure in her June spending review, when more extra spending was announced for financial transactions. The £9.6bn of extra spending includes 'loans and equity investments to support growth', the spending review said, with money going to the British Business Bank (BBB) and Great British Energy (GBE). But because Ms Reeves rewrote the borrowing rules to target public sector net financial liabilities rather than net debt, these loans and shareholdings have little impact on the debt limit. Public sector net financial liabilities is a more forgiving measure of debt because it subtracts financial assets such as loans and equity investments against the debt pile, making the debt appear lower on paper. Including the loans and investments for BBB and GBE in the calculations artificially reduces the debt load, but the Government still has to borrow to fund the spending – and so will rack up a larger interest bill. Mr Stride also accused the Chancellor of failing to seek the Office for Budget Responsibility's (OBR) assessment of the impact of the additional debt on the Government's interest bill. 'Rachel Reeves said her spending review included 'not a penny more' in new spending, but buried in the small print was an extra £10bn to be quietly added to the national debt,' said Mr Stride. 'The 'spend now, tax later' Chancellor is moving the goalposts to cover up the cost of her own decisions. 'Worse still, Rachel Reeves hasn't even asked the OBR what this means for taxpayers. More debt, no plan – that's Labour's answer to everything.' In March, before this additional £9.6bn was disclosed, the OBR estimated the annual cost of debt interest would rise from £105.2bn last year to £131.6bn by the end of the decade. In an answer to a written question from Mr Stride, Emma Reynolds, the Treasury minister, said the £9.6bn will go 'to good value-for-money investment opportunities identified through the spending review process, subject to the robust guardrails set out in the financial transaction control framework'. 'In its March forecast, the OBR confirmed that the Government is on track to meet its fiscal rules, thanks to decisive action taken by the government to put the public finances on a sustainable trajectory and grow the economy. 'The OBR will publish an updated forecast later this year in the usual way.' The Labour Party had previously attacked the Conservatives for leaving the public finances in a dire state, and for failing to seek the OBR's view at the time of Liz Truss's mini-Budget in 2022. 'Unlike the Conservatives, Labour will never sideline the OBR for political convenience,' Labour's manifesto read last year. 'Instead, we will strengthen the role of the OBR. Every fiscal event making significant changes to taxation or spending will be subject to an independent OBR forecast.' The OBR is expected to assess the spending review changes, as well as other increases to spending including the about-turn on benefits reforms, in its forecasts at the time of the autumn Budget. In its Fiscal Risks and Sustainability Report this month, the OBR said the £9.6bn of transactions highlight the extent to which the new debt rule 'creates an additional incentive for the acquisition of loan and other financial assets by the public sector, relative to previous debt rules which have not counted these assets'. It also noted that its own estimates of the value of the assets on the Government's balance sheet would affect debt on the Chancellor's chosen metric. A Treasury spokesman said: 'This change to the fiscal rules was made almost a year ago. Our non-negotiable fiscal rules, for the first time ever will recognise financial assets held by government meaning all of these investments are consistent with them. They will also all be scored with the OBR at future fiscal events.'
Daily Mail
21 hours ago
- Business
- Daily Mail
Brokers: Homeowners taking bigger mortgages thanks to banks' looser rules
The vast majority of mortgage brokers say their customers are taking bigger loans, following moves by lenders to loosen up their borrowing rules. A survey of 1,100 brokers by HSBC UK found that nearly eight in 10 (78 per cent) have noticed an increase in the size of their customers' borrowing in the last three months. One in 10 said they had seen a 'significant' increase. It follows moves from most of the major high street lenders to increase the amount people can borrow in relation to their income - as well as less stringent 'stress tests'. Previously most homeowners were capped at 4.5 times their salary, but now many more can borrow up to 6 times annual earnings. This shift was enabled by a significant change in mortgage borrowing rules , backed by Chancellor Rachel Reeves . Previously, only 15 per cent of a bank's mortgages could be lent to those borrowing more than 4.5 times their income. This protection was brought in after the financial crisis to prevent home buyers from overstretching themselves. The difference between 4.5 times and 6 times income means a couple on average salaries could able to borrow £112,290 more. The latest bank to increase the borrowing available is Lloyds Bank, which has set aside an extra £4billion to lend to those borrowing between 4.5 and 5.5 times their salary. Nationwide Building Society has also widened access to its 'Helping Hand' mortgage, which allows some first-time buyers to borrow up to six times their income with deposits as low as 5 per cent. Lenders have also adjusted their 'stress rates', where they test borrowers' ability to continue to pay their mortgage if the rate increased. HSBC is one of the banks to have done this, and estimates that the average mortgage offer for first time buyers will be £39,000 higher as a result. Most brokers in the HSBC survey (93 per cent) said their clients thought it was 'important' to increase their borrowing power. High house prices, along with elevated mortgage rates over the past few years, have squeezed affordability for first-time buyers and those wanting to upsize. This has led many to take larger mortgages, often over a longer time period, to meet the extra costs. A separate study by Atom Bank today reported that almost all of those saving into a Lifetime Isa (98 per cent) felt they were 'reliant' on the Government bonus to get on the housing ladder. The accounts provide a 25 per cent bonus on savings, so someone saving the maximum £4,000 per year would see their pot topped up by £1,000. The HSBC brokers surveyed felt activity in the housing market would improve in the short term. More than six in ten (63 per cent) of brokers expected residential mortgage applications to increase over the next six months, though most of those said this would only be a 'slight' increase. Commenting on the findings, Chris Pearson, head of intermediary mortgages at HSBC UK, said: 'The recent adjustments to stress rates by lenders are clearly making a positive and tangible impact. 'This Broker Barometer shows that almost eight in ten brokers are seeing an uptick in the amount of lending agreed for their clients. 'This is a crucial development as it directly translates into enhanced buying power and greater accessibility for aspiring homeowners, reflecting a more responsive market.' 'It's also encouraging to see a palpable increase in optimism among mortgage brokers, particularly in relation to the residential market and broader economic confidence.
