Rules protecting consumers will mean fewer mortgage applications, finance leader warns March 10, 2023 A new consumer duty placed on financial firms could lead to lenders being more cautious and fewer people able to access a mortgage, the chief executive of trade association UK Finance has told an industry gathering. David Postings told UK Finance’s annual mortgage lunch in London that the measure is a “well-meaning idea”. He said: [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]
Londoners most at risk of being among the 350,000 UK borrowers who will struggle to repay their mortgage, regulator warns March 10, 2023 An extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind, according to the City regulator. This has been reduced from a previous estimate made last September that an additional 570,000 mortgage borrowers could become financially stretched by the end of June 2024, [...]
FTSE 100 close: Powell interest rate warning drags London index into the red March 7, 2023 London’s FTSE 100 was muted today as investors sweat over whether Fed chair Jerome Powell’s warning that US interest rates will stay higher for longer means other central banks will follow suit. The capital’s premier index closed 0.13 per cent lower at 7,919.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned [...]
London house prices fall but still almost double national average according to Halifax property index March 7, 2023 London house prices have fallen by almost one per cent from January, but property in the capital still costs £240,000 more than the national average. Halifax’s latest house price index for February showed the rate of annual national growth slowed across the UK, with the average property now sitting at £285,476. In the capital however, [...]
Nottingham Building Society says soaring lending ‘aided by higher interest income’ boosted profits March 3, 2023 The historic Nottingham Building Society reported strong pre-tax profits driven by a surge in mortgage lending last year. Founded in 1849, the building society this morning announced group pre-tax profits of £18.9m, with underlying pre-tax profit of £15.2m. Despite the downturn in the housing market in wake of the disastrous mini budget, it said in [...]
Savings accounts: Banks under fire as MPs demand to know why interest rate rises have not been passed on to savers March 1, 2023 MPs have asked further questions of banks’ savings rate as pressure increases on the UK’s major high street lenders to pass on higher interest rates to consumers. In a letter to the heads of four of the UK’s largest banks, chair of the Treasury Committee Harriet Baldwin asked banks why their savings rates remain lower [...]
‘Shame on them’: Skipton Group boss slams banks for not passing on rate hikes to savers March 1, 2023 Skipton Group today criticised rival high street lenders for failing to pass on higher interest rates to savers. Britain’s banks have seen their income boosted by the Bank of England’s attempt to stave off inflation with a succession of ten straight interest rate hikes. The base rate now stands at four per cent – the [...]
House price growth plummets to lowest level in a decade as confidence and costs see off buyers March 1, 2023 House price growth has plummeted to its lowest in more than a decade as a cocktail of high borrowing costs, inflation and low confidence has deterred buyers. Properties dropped in value by -1.1 per cent year on year in February, according to Nationwide’s House Price Index, down from 1.1 per cent the previous month. This [...]
Santander shares soar five per cent as lender bets on Europe to boost pay-outs and ‘ambitious’ profit targets February 28, 2023 Santander plans to return half its profits to shareholders after announcing “ambitious” profitability targets for the next three years. The Spanish banking giant said it was betting on customer growth and higher interest rates in Europe to boost its revenue. Santander has previously relied on its Latin American presence to offset the tough conditions experienced [...]