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 [...]
Mortgage rates climb to 15-year high following surprisingly strong wage growth July 11, 2023 The typical rate available on a two-year fixed mortgage has climbed to a 15-year high, surpassing the levels seen last Autumn in the wake of the disastrous mini-budget. According to Moneyfacts, the average two-year fixed residential mortgage rate hit 6.66 per cent, marginally higher than the 6.65 per cent seen last October. This was the [...]
Three more lenders cut mortgage rates as others warned to ‘sharpen pencils or risk losing out’ November 14, 2023 First Direct, Halifax and HSBC UK have all cut their rates, while others have been warned they risk losing out.
Value of London homes sinks as red hot mortgage rates continue to rattle market July 6, 2023 Some 68 per cent of west London homeowners have seen the value of their property decrease since last November, new data shows, as soaring mortgage rates and a difficult buyer market rattle the capital’s housing sector. As buyer confidence falls due to red hot mortgage rates 7,000 homes across west central London decreased in value [...]
Mortgages: How the BoE’s twelfth consecutive rate rise will affect homeowners May 11, 2023 Homeowners on tracker mortgages could see their annual bills increase by £5,008 a year following the Bank of England’s twelfth consecutive rate rise on Thursday, though analysts have said the latest rise will not have a substantial impact on the housing market. The monetary policy committee (MPC) voted 7-2 in favour of raising borrowing costs [...]
Sunak considering one per cent deposit mortgage scheme in bid to win over young voters: report January 21, 2024 The Treasury is reportedly looking at introducing a scheme guaranteeing mortgages for first-time buyers with deposits of just one per cent.
London’s wealthy put homes up for renting as mortgage rate rises bite June 28, 2023 London’s wealthy are placing their homes up for rent as they struggle to reach their ideal asking price on pads across upmarket boroughs such as Chelsea and Mayfair. Following the Bank of England’s decision to hike interest rates by 0.5 per cent, figures from estate agent Knight Frank show affluent sellers in some of London’s [...]
Brokers predict ‘mortgage price war’ as lenders including HSBC and Nationwide cut rates again August 9, 2023 Brokers have suggested there could be a “mortgage price war” as lenders continue to reduce rates amid hopes inflation is finally on the way down. Nationwide reduced prices on some of its fixed products by up to 0.55 percentage points while HSBC reduced rates by up to 0.2 percentage points. TSB also lowered rates by [...]
Mortgage commitments plummet to pandemic levels as rate hike jitters spook housing market June 13, 2023 The number of new mortgage commitments has fallen to the lowest levels since the Covid pandemic as speculation the Bank of England’s will keep on hiking interest rates rattles the market. As the central bank raised interest rates for the 12th consecutive time during the quarter, in a bid to cool inflation, the number of [...]
Average two-year mortgage rate drops below six per cent in sign pain for borrowers is easing December 8, 2023 The average interest rate for a fixed two-year mortgage has fallen below six per cent for the first time since June. Moneyfacts has reported the average two-year fixed rate is now 5.99 per cent, down from the peak of 6.86 reached in July. Competition among lenders is driving rates lower, noted partner at Knight Frank [...]