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 [...]
Rishi Sunak rules out help for homeowners as mortgage rates top six per cent June 19, 2023 Prime Minister Rishi Sunak today ruled out helping struggling mortgage holders despite rates breaching the six per cent mark for the first time since December. Amid surging mortgage rates, the Prime Minister said the government needed to “stick to the plan” to halve inflation rather than offer support to mortgage holders. Speaking on ITV’s Good [...]
House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
Mortgage chaos set to hit banks’ bottom line as demand dries up June 18, 2023 Chaos in the mortgage market is likely to lead to big changes in lending as banks seek to find ways to capitalise on rising interest rates, analysts suggest. Over the last few weeks, the mortgage market has been in turmoil after stubbornly high inflation raised the prospect of further rate hikes. “Mounting base interest rates, [...]
Won’t take much for 6 per cent: Bank of England tipped to raise rates again June 18, 2023 The squeeze on mortgage holders is set to tighten as the Bank of England gets ready to hike interest rates for the 13th time in a row, experts have said. Some analysts are expecting UK interest rates to rise by another 0.25 percentage points on Thursday, and say there could be more hikes on the [...]
‘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, [...]
More lenders expected to hike mortgage rates following HSBC, brokers warn June 15, 2023 More and more lenders are set to increase rates on mortgages, brokers have warned, as the fallout from the Bank of England’s rate rise continues to devastate homeowners. The fresh blow to the housing sector comes as HSBC pushed mortgage rates up for the second time in one week in an unprecedented move for the [...]