In defence of landlords, by the Bank of England July 18, 2023 Few people in Britain draw as much scorn than landlords. It’s easy to understand why. Young people shackled to renting see landlords as a barrier to their homeownership dreams. Particularly in London, renters hate handing over a huge share of their monthly wage to property investors. Doing so stops them from using their cash [...]
PMQs sketch: A trip down memory lane July 12, 2023 If you’re ever in need of a history lesson, there are worse places to head than the storied and ancient House of Commons for a PMQs. But when it comes to political debate, we tend to hope our leaders will have their fingers on the pulse of the nation. Not so during this week’s Prime [...]
Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
Hunt and big banks vow to ease mortgage pain with repossessions grace period June 23, 2023 Mortgage holders will get a 12-month grace period before banks begin repossessions on their homes, Jeremy Hunt has announced, after a crunch meeting with lenders at No11. The Chancellor said ministers were “particularly worried” about people falling behind on payments or having to switch deals at the end of a fixed rate mortgage. He announced [...]
Chancellor Jeremy Hunt to meet lenders as mortgage crisis worsens June 23, 2023 Chancellor Jeremy Hunt will ask banks if they can do more to support struggling households after a shock interest rate hike deepened the mortgage crisis. He is meeting large lenders including HSBC and Santander in Downing Street this morning as the government comes under pressure to relieve the pain. Prime minister Rishi Sunak and Hunt [...]
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, [...]