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 [...]
Housing market reeling after BoE hike interest rates in fresh blow for mortgage holders June 22, 2023 Prospective buyers and homeowners looking to reinstate fixed rate or tracker deals on their homes were met with a fresh blow this afternoon following the central bank’s decision to hike interest rates for the 13th time in a row in efforts to cool soaring inflation. It is expected that the decision will lead high street [...]
Credit fears send bank shares lower after Bank of England lifts rates by 50bps June 22, 2023 Shares in the UK’s biggest banks today fell after the Bank of England raised interest rates by 50 basis points, heaping more pain onto borrowers. The Bank’s Monetary Policy Committee reverted to a larger rate hike after inflation remained stuck at 8.7 per cent last month. It was the 13th rate hike in a row [...]
Happening today: All you need to know as the Bank of England set to raise rates again June 22, 2023 The Bank of England is poised to raise interest rates for the 13th time in a row after disappointing inflation figures showed price rises have not eased. The UK’s Consumer Prices Index (CPI) was unchanged in May at a rate of 8.7 per cent , according to the Office for National Statistics. It came in [...]
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 [...]
Housing market a ‘ticking time bomb’ as prices slow amid mortgage mayhem June 21, 2023 The housing market has slowed amid the mortgage crisis, with experts warning it is like a “ticking time bomb” before it crashes. This morning’s House Price Index from the Office for National Statistics (ONS) show average UK house prices increased 3.5 per cent in the 12 months to April 2023, but this was down from [...]
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 [...]
Why arrears will tick up but banks will not be threatened by rising mortgage costs June 20, 2023 Arrears will tick up as interest rates rise but banks will not have to deal with a major credit event, experts at ratings agencies told City AM. Mortgage rates have spiralled in recent weeks as a result of stubbornly high inflation, meaning consumers will have to pay thousands of pounds a month more for their [...]
TSB becomes latest bank to press pause on some mortgage lending June 19, 2023 TSB has become the latest lender to press pause on sales of some of its mortgages. The bank said it was removing some mortgages from sale as of 4pm on Monday. The changes apply to products sold both direct and via brokers and TSB is expecting to reintroduce residential deals on Wednesday. For residential mortgages, [...]
Our Net Zero Homes Report and the Government’s 2023 Green Policy Commitments June 19, 2023 Where do the government’s recent plans for greening the housing stock announcements fit in to UK Finance’s Net Zero Homes report recommendations? In November 2022 we published our Net Zero Homes – Time For a Reset Report. The report was designed to act as a call for action to government and stakeholders from the various parts [...]