Mortgage crisis to wipe out savings of 1.2m households as repayments set to surge
1 year, 6 months ago

Mortgage crisis to wipe out savings of 1.2m households as repayments set to surge

The Telegraph  

The mortgage crisis will wipe out the savings of 1.2m families this year and push many into insolvency, economists have warned. Fixed-rate monthly repayments will on average rise from £700 to £1,000 for two million families when their deals end, NIESR said. Meanwhile, mortgage holders on variable rates will on average see costs rise from £450 to £700. Max Mosley from NIESR said: “The rise in interest rates to 5pc will push millions of households with mortgages towards the brink of insolvency.”

Niesr  repayments  12m  wipe  mortgage  rise  families  million  set  savings  rates  crisis  niesr  insolvency  costs  surge  push  households

History of this topic

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Soaring monthly mortgage payments are …

Two out of five people struggle to pay their mortgage or rent, official data reveals
7 months, 3 weeks ago

Two out of five people struggle to pay their mortgage or rent, official data reveals

Daily Mail  

Two out of five people are struggling to keep the roof over their heads, new official data suggests. Mark Harris, of mortgage broker SPF Private Clients, said: 'The impact of high inflation continues to be felt, with many people struggling to afford their rent or mortgage payments. Expectations for the first reduction have been pushed back towards the end of …

Mortgage rates going down spells relief for homeowners and buyers – what it means for you
1 year, 3 months ago

Mortgage rates going down spells relief for homeowners and buyers – what it means for you

The Independent  

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How to navigate the mortgage crisis, by the experts
1 year, 4 months ago

How to navigate the mortgage crisis, by the experts

The Independent  

Recent peaks in interest rates have spooked millions of homeowners and potential buyers and experts are predicting it to rise further. ‘Things are unlikely to get cheaper so lock in now’ Karen Noye, mortgage expert at Quilter, says this is “going to be a difficult time for all” as high interest rates suck money out of the economy and the …

Hopes raised that upward pressure on mortgage rates could start to ease
1 year, 5 months ago

Hopes raised that upward pressure on mortgage rates could start to ease

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. “The Bank …

Mortgage defaults jump at fastest rate since 2009
1 year, 5 months ago

Mortgage defaults jump at fastest rate since 2009

The Telegraph  

Mortgage defaults have surged at their fastest rate since 2009 as rapidly rising interest rates push more people into financial difficulty. Bank of England data showed that the share of lenders reporting an increase in missed mortgage payments is now the highest it has been since the global financial crisis. More than 75,000 homeowners were behind on their mortgage payments …

1m households to face £500 a month hike in mortgage payments by 2026, Bank of England warns
1 year, 5 months ago

1m households to face £500 a month hike in mortgage payments by 2026, Bank of England warns

The Independent  

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Mortgage rates soar again to surpass Liz Truss mini-Budget peak
1 year, 5 months ago

Mortgage rates soar again to surpass Liz Truss mini-Budget peak

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rishi Sunak acknowledged “things are difficult” for families struggling with …

Bank of England says UK banks are resilient enough to offer struggling households support
1 year, 5 months ago

Bank of England says UK banks are resilient enough to offer struggling households support

Associated Press  

LONDON — The Bank of England warned Wednesday that U.K. households are facing mounting financial difficulties from the sharp increase in interest rates but expressed hope that the country’s biggest banks are resilient enough to offer more help than they could before the global financial crisis 15 years ago. In its half-yearly financial assessment, the central bank said British households …

Average two-year fixed mortgage rate surges to highest level in 15 years
1 year, 5 months ago

Average two-year fixed mortgage rate surges to highest level in 15 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The average two-year fixed-rate homeowner …

UK mortgage rates spike to highest level since Truss tax plan spooked markets
1 year, 5 months ago

UK mortgage rates spike to highest level since Truss tax plan spooked markets

Associated Press  

LONDON — Homeowners and renters in the U.K. faced further grim news Tuesday as mortgage rates hit levels not seen since unfunded tax cuts announced by the government last fall spooked investors. That’s the highest since the aftermath of last fall’s tax plan from Liz Truss’ short-lived government, which caused investors to lose faith in the state of Britain’s public …

Squeezed households raid bank accounts by record £4.6bn as mortgages climb
1 year, 5 months ago

Squeezed households raid bank accounts by record £4.6bn as mortgages climb

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across all …

Mortgage crunch ‘on track to increase annual household bills by £15.8bn by 2026’
1 year, 6 months ago

Mortgage crunch ‘on track to increase annual household bills by £15.8bn by 2026’

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. As the UK’s “mortgage crunch” …

More mortgage pain to come as some to pay £200 more a month, experts warn
1 year, 7 months ago

More mortgage pain to come as some to pay £200 more a month, experts warn

The Independent  

There is more mortgage pain to come for the UK’s homeowners, many of whom are yet to feel the full impact of rising interest rates, according to a think tank. The trend towards homeowners taking out longer fixed-rate mortgages has delayed the impact on some households, with two-thirds of the eventual £12 billion increase in annual mortgage costs still to …

Interest rate rises have plunged 170,000 more people into mortgage stress. Here's how to navigate the financial pinch
1 year, 7 months ago

Interest rate rises have plunged 170,000 more people into mortgage stress. Here's how to navigate the financial pinch

ABC  

Financial counsellors are urging people hit by rising interest rates to seek help, with the latest increase plunging about 171,000 more home owners in Australia into mortgage stress. Anglicare's Beth Schwalbe said people struggling can get practical budget help from financial counsellors like her or by calling the national debt helpline on 1800 007 007. Vanessa Emery, a financial counsellor …

Interest rates surge hits younger borrowers as FCA warns half a million are struggling to pay
1 year, 9 months ago

Interest rates surge hits younger borrowers as FCA warns half a million are struggling to pay

The Independent  

I wonder if they quietly cheer Swati Dhingra and Silvana Tenreyro down at the Financial Conduct Authority? The pair are external members of the Bank of England’s rate-setting Monetary Policy Committee and have been its leading doves on interest rates during the current cycle. She blamed the surge in inflation, now at 10.1 per cent, on higher energy and import …

Mortgage rates to almost triple for 800,000 homeowners this year
1 year, 11 months ago

Mortgage rates to almost triple for 800,000 homeowners this year

The Telegraph  

More than 800,000 households will see their monthly mortgage payments almost triple this year in a further cost-of-living blow. Current rates mean 818,500 mortgage holders will see the cost of their home loan almost triple when they remortgage, climbing from 2pc or below to well over 5pc. A homeowner with a 1.5pc 25-year mortgage on a property worth £250,000 will …

Martin Lewis warns of ‘huge payment shock’ coming for mortgage holders
2 years ago

Martin Lewis warns of ‘huge payment shock’ coming for mortgage holders

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. No concern is too small to warrant his attention and, in the latest episode …

Mortgage approvals fall to lowest level since Covid hit
2 years ago

Mortgage approvals fall to lowest level since Covid hit

The Telegraph  

The mortgage market chaos following Liz Truss's mini-Budget pushed down approvals for home loans to their lowest level in more than two years in October. The figures cover the period immediately after Kwasi Kwarteng delivered the mini-Budget when lenders withdrew hundreds of mortgage products and rates were pushed up in response to expectations for aggressive Bank of England action. Forecasters …

Fixed mortgage rates continue to climb above 6% as choice of products improves
2 years, 2 months ago

Fixed mortgage rates continue to climb above 6% as choice of products improves

The Independent  

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. Earlier this …

How the mini-Budget triggered a week of chaos in Britain's property market
2 years, 2 months ago

How the mini-Budget triggered a week of chaos in Britain's property market

The Telegraph  

Britain's banks had pulled a record 1,000 home loans from the market on Tuesday, more than double the 462 products removed during the pandemic in April 2020, according to Moneyfacts. If mortgage rates go up by that amount, the average household refinancing a two-year deal would see monthly repayments jump over 70pc from £863 to £1,490. Ray Boulger of mortgage …

House prices to fall by as much as 15pc if interest rates hit 6pc
2 years, 2 months ago

House prices to fall by as much as 15pc if interest rates hit 6pc

The Telegraph  

House prices will fall by as much as 15pc as higher interest rates slash buyers’ spending power, economists have warned, while the number of homes sold risks collapsing from 1.2m per year to just 800,000. Capital Economics and Credit Suisse both estimate prices could fall by between 10pc and 15pc if interest rates rise to 6pc as financial markets predict. …

Mortgage rates hit 6%, first time since 2008 housing crash
2 years, 3 months ago

Mortgage rates hit 6%, first time since 2008 housing crash

Associated Press  

WASHINGTON — Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing …

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high
2 years, 4 months ago

Mortgage: Homeowners suffer £200 rise as average for two-year fixed-rate deal nears 10-year high

Daily Mail  

Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high. Homeowners have suffered a £200-a-month rise in mortgage repayments as the average rate for a two-year fixed-rate deal hit 4.09% - a near 10-year high, according to the Telegraph Mark Harris, of the broker SPF …

Housing market chills as mortgage rates, prices scare buyers
2 years, 5 months ago

Housing market chills as mortgage rates, prices scare buyers

Associated Press  

NEW YORK — Kyle Tomcak was looking for a home for his in-laws in the suburbs around Denver, something priced close to $450,000. Data provided to The Associated Press by the real estate data company Redfin shows how much home a buyer could get with a $2,000 a month mortgage payment. In Providence, Rhode Island, for example an average buyer …

As fixed mortgages end and rates rise, many risk losing their homes
2 years, 6 months ago

As fixed mortgages end and rates rise, many risk losing their homes

ABC  

Sarah Ibrahim is worried about what will happen when her fixed rate ends in January. As interest rates rise, almost 300,000 people who took large and risky home loans during the pandemic could fall into severe financial hardship or even default. "We're already seeing banks ramping up their action to enforce mortgage debts and repossess homes already against the background …

Simple mortgage trick that could save homeowners thousands of pounds in payments
2 years, 6 months ago

Simple mortgage trick that could save homeowners thousands of pounds in payments

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ /verifyErrors }} Homeowners are being …

Consumers are hoarding savings instead of repaying mortgages
3 years, 11 months ago

Consumers are hoarding savings instead of repaying mortgages

NL Times  

Despite the partial lockdown in the spring and most holidays being canceled, people did not spend more on repaying their mortgages, but less. In total, about 3.5 billion euros went to repaying mortgages in April, May, and June, about 340 million euros less than in the second quarter of 2019. “This is striking because voluntary repayments usually make up a …

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