Labour’s plan to force banks to help on mortgages branded ‘risky’ and ‘counterproductive’ June 22, 2023 Labour’s plans to force banks to help struggling borrowers with their mortgages have been slammed as “risky” and “counterproductive”. The party says lenders should be compelled to help mortgage holders struggling with payments in a bid to avert a looming mortgage crisis as interest rates are expected to keep rising to bring inflation down. Shadow [...]
Hunt to discuss support with mortgage lenders as repayments crisis looms June 20, 2023 Chancellor Jeremy Hunt is set to meet with mortgage lenders to discuss support for homeowners as a repayments crisis looms. Various calls have been made for the government to step in to help struggling borrowers – but Hunt said ministers would not provide financial support which would fuel inflation. Average costs for a two-year fixed-rate [...]
‘Mortgage crunch’ deepens: Repayments will rise by £2,900 a year, reaching eye-watering £15.8bn by 2026 June 17, 2023 Annual mortgage repayments are set to rise by £2,900 for the average household remortgaging next year, according to a think-tank. As the UK’s “mortgage crunch” deepens, total annual mortgage repayments could rise by £15.8 billion by 2026, the Resolution Foundation said. Stickier-than-expected inflation has raised expectations that the Bank of England’s base rate-rising cycle, which [...]
£3bn mortgage support fund branded ‘terrible economics and bad politics’ after Lib Dem calls June 16, 2023 Calls for a £3bn mortgage protection fund have been branded “terrible economics and bad politics” as lenders continue to raise rates. Liberal Democrat leader Sir Ed Davey called for the multi-billion pound fund to be set up to offer help to families at risk of losing their homes, as repossession fears spiral. But Tim Pitt, [...]
Rising interest rates sees mortgage arrears tick up as repossessions jump May 18, 2023 The number of households falling into arrears continued increasing in the first quarter as rising interest rates continued to hit borrowers. According to figures from industry body UK Finance, arrears picked up in the first quarter with mortgages in arrears of more than 2.5 per cent reaching 76,630. This was a two per cent increase [...]
Exclusive: Renters face being pushed out of London as landlords struggle to cope with ‘huge’ mortgage hikes, adviser warns March 20, 2023 Landlords in London and the south east are facing a 125 per cent increase in monthly mortgage payments, or £574 on average, according to research exclusively shared with City A.M. The Bank of England’s decision to raise interest rates 11 times over the last 15 months has seen mortgage costs spiral for mortgage borrowers. Earlier [...]