MORE THAN HALF OF NEW HOMEOWNER MORTGAGES END BEYOND BORROWERS 65TH BIRTHDAY

More than half of new homeowner mortgage lending in 2021 is on terms ending past the main borrower's 65th birthday, the first time this level has been reached, a new report from UK Finance has shown (The Times). In 2014 only around a third of mortgage lending was for terms ending beyond the age of 65 (Independent).

Charles Roe, Director of Mortgages at UK Finance said:

?There's been growing demand for mortgages from those aged over 55 and this is set to continue as more people live and work for longer.

?For the first time since records began more than half of all new mortgages are due to end after the homeowner's 65th birthday, and lending to over 55s has grown even where mortgage lending in the wider market has remained subdued.

?Later life lending both now and in the future will be imperative as existing homeowners look to later life products for accessing equity as they get older.?

GOVERNMENT MAY OFFER LOANS TO STRUGGLING ENERGY FIRMS

Energy companies may be offered government-backed loans to help them manage the significant rise in wholesale gas prices and encourage them to take on new customers (BBC News). Kwasi Kwarteng, the business secretary, is today holding discussions with firms and the energy regulator about the issue. The Financial Times reports that energy suppliers have requested that the government establish a ?bad bank? which would pick up customers from struggling firms.

NEWS IN BRIEF

In an interview with the Financial Times, City minister John Glen said that the UK's financial services sector will have ?competitive tax rates?, adding that the chancellor is 'thinking very carefully? about the rate of tax on the industry ahead of the 27 October Budget.

There is only a 60 per cent chance that the $100 billion of private and public finance agreed by G7 countries to help developing countries transition to net-zero will be in place by the start of the COP26 summit in November, Boris Johnson has said (The Guardian).

£13.5 billion has been raised in funding by British technology companies between January and June this year, more than the total level of investment last year, according to a report by Tech Nation and Dealroom (The Times).

Almost half of police investigations into fraud cases end without a suspect being identified, Home Office figures have found (Daily Telegraph).

BLOG

As National Recycling Week begins Nicky Scowen, Manager, Cash Services looks at the work the cash industry has done so far in reducing the carbon impact of the cash supply chain in the UK.