Helen Nugent

Mortgages, spending, pay and savings

An increasing number of landlords are having trouble paying their mortgage, new figures have revealed. Money Mail reports that, for the first time on record, ‘the number of buy-to-let homes in mortgage arrears has increased’. That’s according to data from the Council of Mortgage Lenders which recorded a 6 per cent rise in mortgage arrears among landlords between July and September last year. 

Spending and borrowing

Bank of England figures published this morning show that consumer borrowing rose at its fastest rate in more than 11 years in November 2016.

The BBC reports that consumer credit in November increased by £1.92 billion to propel the annual growth rate in borrowing of 10.8 per cent, a rate not seen since October 2005. Meanwhile, the number of mortgages for house purchases approved by lenders rose to an eight-month high of 67,505. In the Eurozone, inflation rose faster than expected last month. Eurostat said prices in the 19 countries using the euro increased 1.1 per cent year-on-year in December. Pay As if going back to work after the festive break wasn’t depressing enough, new figures show that senior executives will have earned more by midday than the average employee earns in the entire year. Dubbed ‘Fat Cat Wednesday’, the High Pay Centre think tank calculates that today is the day that bosses will pass the average UK salary of £28,200. Stefan Stern, director of the High Pay Centre, said it was an important reminder of the unfair pay gap in the UK. In other salary news, the BBC reports that female workers continue to battle a ‘rapid rise’ in pay inequality when they reach their 30s and 40s. That’s according to the Resolution Foundation which says that women born between 1981 and 2000 can expect to be paid 9 per cent less than men when they celebrate their 30th birthday. That compares with a 5 per cent pay difference between men and women in their 20s.

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