Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]
Reeds Rains owner expects ‘substantially lower’ profit due to tough mortgage market August 7, 2023 LSL Property Services, which owns estate agents Reeds Rains and Your Move, said it now expected the group's annual profit to be "substantially lower" due to subdued activity in the mortgage market.
London house prices slump again as high interest rates pile pain on mortgage holders October 6, 2023 London house prices cratered again in September as the Bank of England’s interest rate hikes continue to pile pain on mortgage holders and weigh on the housing market. House prices in the capital have fallen 4.8 per cent over the last year, the biggest fall of any region in cash terms at an average of [...]
As mortgages go up, Britons’ inability to do maths is putting them in financial peril August 2, 2023 Brits who are bad at maths are losing around £2,850 every year - a figure which will only be exacerbated by the cost-of-living crisis, writes Ludovic Subran.
House sales drop by almost a third as market braces for slowdown in mortgage approvals May 31, 2023 The number of houses sold in the UK has fallen by almost a third as the market struggles to upkeep the momentum from a surge in sales at the start of spring. UK residential transactions fell 32 per cent in April with 67,220 homes sold, figures from HMRC show, 32 per cent lower than April [...]
Scottish Mortgage rebuts former director’s barbs as boardroom bust-up continues May 30, 2023 The Scottish Mortgage Investment Trust has rebutted fresh claims from its former director Amar Bhide after he filed a complaint with regulators claiming that the firm misled investors over his exit.
One in five first-time buyers take out 35-year mortgages or longer amid economic turmoil March 4, 2024 Personal savings and mortgage lending were battered by inflationary pressures and higher borrowing costs last year, according to new data, amid a surge in home buyers take out loans with terms of 35 years or longer.
Property transactions slide 17 per cent in October as hangover from high mortgage rates drags on November 30, 2023 The number of new homes bought in October was 17 per cent lower than the year before, as high mortgage rates during the summer led to lower activity, according to the latest figures from HMRC.
Mortgage defaults expected to pick up as rising rates hits borrowers, say lenders July 13, 2023 Banks and building societies expect the level of mortgage defaults to increase over the next quarter as the impact of rising interest rates filters through the economy. In the Bank of England’s quarterly credit conditions survey, lenders reported “losses and default rates on secured loans to households increased in Q2, and were expected to increase [...]
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 [...]