Inside the UK mortgage crisis and how interest rate increases could affect you
1 year, 6 months ago

Inside the UK mortgage crisis and how interest rate increases could affect you

The Independent  

As Rishi Sunak and Jeremy Hunt rule out direct financial help for borrowers, here’s what the interest rate leap means for you. The Bank of England put its base rate up by 0.5 per cent at the latest meeting of the Monetary Policy Committee to leave rates at 5 per cent, their highest level since April 2008. Well, the City is currently betting that rates will peak at 6 per cent, which means either four more quarter-point rises or two more big half-point rises like the one the Bank imposed this time. Remember, too, even though their costs are rising, some are cheaper than today’s two-year fixes even with base rates at 5 per cent.

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History of this topic

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?
3 weeks ago

Analysis: What does the Bank of England’s interest rate decision mean for mortgages?

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 Bank of England held …

Interest rates held at 4.75%: What it means for your mortgage and savings
3 weeks ago

Interest rates held at 4.75%: What it means for your mortgage and savings

Daily Mail  

The Bank of England has opted to hold the base rate at its current level, meaning interest rates will finish the year at 4.75 per cent. Today's decision to hold the base rate at 4.75 per cent may seem like bad news for mortgage borrowers, many of whom will be desperate for their monthly costs to fall. Tracker rates follow …

Surge in wages means beleaguered borrowers must wait for interest rates cut
Trending News
3 weeks, 2 days ago

Surge in wages means beleaguered borrowers must wait for interest rates cut

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 Bank of England is …

Bank of England expected to hold interest rates after jump in inflation
3 weeks, 6 days ago

Bank of England expected to hold interest rates after jump in inflation

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 Bank of England is …

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?
1 month ago

A major bank just cut its mortgage rates by up to 0.39%: Will they fall further?

Daily Mail  

A major high street bank has announced it will cut mortgage rates by up to 0.39 percentage points. At present, the lowest five-year fix on offer via a major lender is a 4.14 per cent rate with Nationwide Building Society. Speaking to the Global Boardroom conference with the Financial Times, Andrew Bailey confirmed the Bank of England's central forecast of …

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?
1 month, 3 weeks ago

Mortgage rates below 4% disappear: Why are they going up as interest rates fall?

Daily Mail  

Mortgage rates continue to rise despite the Bank of England cutting interest rates last week. Going up: Mortgage rates are rising because markets now think interest rates will stay higher for longer, with inflation also forecast to remain higher than previously expected Only a couple of months ago, there were more than a dozen banks offering sub-4 per cent rates. …

Three major banks hike fixed rate mortgages: Why are costs RISING after the Bank of England cut?
1 month, 4 weeks ago

Three major banks hike fixed rate mortgages: Why are costs RISING after the Bank of England cut?

Daily Mail  

Three of Britain's biggest mortgage lenders are increasing rates, despite the Bank of England cutting interest rates last week. Last week, TSB and Santander were among a number of lenders to announce they were cutting mortgage rates across tracker and variable rate deals, in response to the Bank of England cutting base rate from 5 per cent to 4.75 per …

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise
2 months ago

Bank of England cuts interest rates to 4.75% – but mortgages still set to rise

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. open image in gallery Mortgage repayments are set to fall But the Bank’s Monetary …

The interest rate cut is good news for mortgage payers – they need more
2 months ago

The interest rate cut is good news for mortgage payers – they need more

The Independent  

After a turbulent few weeks, the Bank of England delivered a soothing balm to Britain’s hard-pressed borrowers with a quarter-point cut in interest rates. The Budget also pushed the City’s interest rate swaps market higher – and it is this rather than base rates that governs the price of most popular types of mortgage: two or five year fixes. “Borrowers …

How will the interest rate cut affect you? From inflation to mortgages
2 months ago

How will the interest rate cut affect you? From inflation to mortgages

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. High interest rates encourage saving because people get a better return for the money …

It is time to cut interest rates – and give homeowners a break
2 months, 2 weeks ago

It is time to cut interest rates – and give homeowners a break

The Independent  

Andrew Bailey, the Bank of England’s governor, has suggested that interest rates could be coming down faster than previously expected. The Consumer Prices Index took a September tumble, falling from 2.2 per cent to 1.7 per cent, below the City’s forecasts the Bank of England’s 2 per cent target and where most people expected it to be just a few …

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts
2 months, 2 weeks ago

UK interest rates will drop to 2.75 per cent, Goldman Sachs predicts

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 UK interest rates will almost …

Mortgage holders hoping for relief on their payments dealt a blow, say experts
8 months ago

Mortgage holders hoping for relief on their payments dealt a blow, say experts

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. Kate Steere, …

Why mortgage rates are surging again
8 months, 2 weeks ago

Why mortgage rates are surging again

The Independent  

Barely a day after the Building Societies Association warned that becoming a first-time buyer was “possibly the most expensive it has been over the last 70 years”, a string of major lenders made it even pricier. But while UK inflation is expected to fall to within the Bank’s 2 per cent target in the next month or two, forecasters expect …

Mortgage rate rises announced by five lenders: HSBC, Barclays and NatWest all hiking interest
8 months, 2 weeks ago

Mortgage rate rises announced by five lenders: HSBC, Barclays and NatWest all hiking interest

Daily Mail  

Five mortgage lenders have announced they are increasing rates, in the latest blow to home buyers and those looking to remortgage. Barclays, HSBC, NatWest, Accord and Leeds Building Society have today contacted mortgage brokers informing them they will be upping rates from tomorrow. On the rise: Changing expectations surrounding the Bank of England base rate has sent mortgage rates higher …

Tamer inflation leads to speculation over interest rate cut and cheaper mortgages
10 months, 3 weeks ago

Tamer inflation leads to speculation over interest rate cut and cheaper mortgages

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 Inflation remained steady in January, …

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet
11 months, 1 week ago

Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet

Associated Press  

LONDON — Just like the U.S. Federal Reserve, the Bank of England is edging toward cutting interest rates — though not quite yet. “We need to see more evidence that inflation is set to fall all the way to the 2% target, and stay there, before we can lower interest rates,” he said. Bailey also said the bank was keeping …

Bank of England keeps main UK interest rate at 15-year high of 5.25% and cautions over oil prices
1 year, 2 months ago

Bank of England keeps main UK interest rate at 15-year high of 5.25% and cautions over oil prices

Associated Press  

LONDON — The Bank of England kept its main interest rate unchanged on Thursday at the 15-year high of 5.25% and indicated that borrowing costs will likely remain at these sort of elevated levels for a while, especially if oil and gas prices increase sharply because of the Israel-Hamas war. In a statement, the bank’s nine-member Monetary Policy Committee indicated …

Bank of England cuts mortgage rates as the tide finally turns in the battle against inflation - but savers are told to grab good deals amid fears they won't last
1 year, 3 months ago

Bank of England cuts mortgage rates as the tide finally turns in the battle against inflation - but savers are told to grab good deals amid fears they won't last

Daily Mail  

Mortgage rates were cut last night as the Bank of England halted its painful cycle of hiking borrowing costs. Nationwide, Britain's biggest building society, said it was cutting rates on some of its fixed-term deals by up to 0.3 percentage points – and experts said more lenders would follow suit. British Chancellor of the Exchequer Jeremy Hunt leaves Downing Street …

When will interest rates fall?
1 year, 5 months ago

When will interest rates fall?

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. There’s a lot of pain to swallow there.” “Big four” accounting giant KPMG told …

Interest rate hike adds £24 a month on to average tracker mortgage payment
1 year, 5 months ago

Interest rate hike adds £24 a month on to average tracker mortgage payment

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. Richard Lane, director of external affairs at StepChange Debt …

What the interest rate rise means for your mortgage and savings: Bank of England ups base rate to 5.25% - here's how it will affect you
1 year, 5 months ago

What the interest rate rise means for your mortgage and savings: Bank of England ups base rate to 5.25% - here's how it will affect you

Daily Mail  

The Bank of England has increased its base rate by 0.25 percentage points to 5.25 per cent, in the latest attempt by the Monetary Policy Committee to bring down inflation. Battle against inflation: The Bank of England has been increasing its base rate since December 2021 - and fixed mortgage rates have gone up too This is because, in recent …

Bank of England hints that UK borrowing rates will stay high after its new hike
1 year, 5 months ago

Bank of England hints that UK borrowing rates will stay high after its new hike

Associated Press  

LONDON — The Bank of England raised its main interest rate Thursday to a fresh 15-year high and indicated it would stay high for some time to bring down persistently high inflation — another potential blow for those seeing their rents and mortgages rise during a cost-of-living crisis. The bank said some of the risks from more stubborn inflation, notably …

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  

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. Please try again later {{ …

UK wages are rising at a record pace. That makes higher interest rates more likely
1 year, 5 months ago

UK wages are rising at a record pace. That makes higher interest rates more likely

Associated Press  

LONDON — Wages in the U.K. are rising at a record high rate amid stubbornly high inflation, official figures showed Tuesday, bolstering expectations that interest rates will increase again — to the worry of homeowners who are seeing their mortgage payments spike to levels not seen since the global financial crisis 15 years ago. For months, workers have been seeking …

UK mortgage rates spike to highest level since Truss tax plan spooked markets
1 year, 6 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 …

Mortgage help: Inside the UK mortgage crisis and how interest rate increases could affect you
1 year, 6 months ago

Mortgage help: Inside the UK mortgage crisis and how interest rate increases could affect you

The Independent  

As Rishi Sunak and Jeremy Hunt rule out direct financial help for borrowers, here’s what the interest rate leap means for you. The Bank of England put its base rate up by 0.5 per cent at the latest meeting of the Monetary Policy Committee to leave rates at 5 per cent, their highest level since April 2008. Well, the City …

UK recession fears mount after Bank of England hikes borrowing rates by more than expected
1 year, 6 months ago

UK recession fears mount after Bank of England hikes borrowing rates by more than expected

Associated Press  

LONDON — Fears that the British economy is heading for recession mounted sharply Thursday after the Bank of England raised borrowing costs by more than anticipated, seeking to combat stubbornly high inflation with a hike that will hit borrowers hard, particularly homeowners who have to refinance in the coming months. “But if we don’t raise rates now, it could be …

Why the Bank of England has put Britain on course for recession
1 year, 6 months ago

Why the Bank of England has put Britain on course for recession

The Telegraph  

GDP grew by an underwhelming 0.1pc in the three months to April. “It is increasingly difficult to see how the UK avoids a recession as part of the process of bringing inflation down,” he says, adding that this “large rate increase will probably be seen in retrospect as an important milestone towards that recession”. “Raising interest rates will do little …

Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
1 year, 6 months ago

Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’

CNN  

London CNN — The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. “We are committed to returning inflation to the 2% target and will make the decisions necessary to achieve that.” Financial markets now expect the Bank of England’s benchmark interest rate to reach 6% around the turn …

Mortgage rates: Is there more pain to come for households?
1 year, 6 months ago

Mortgage rates: Is there more pain to come for households?

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. Read our …

How homeowners can escape huge mortgage hikes as lenders raise rates
1 year, 7 months ago

How homeowners can escape huge mortgage hikes as lenders raise rates

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. “We’ve seen the first major lender significantly increase rates and …

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 …

Bank of England raises UK interest rates to highest level since 2008
1 year, 7 months ago

Bank of England raises UK interest rates to highest level since 2008

Associated Press  

LONDON — The Bank of England raised interest rates to their highest level since late 2008 as it continues to combat stubbornly high inflation in the U.K. The Bank of England started raising interest rates in late 2021 from a low of 0.1% in order to keep a lid on price rises that were first largely stoked by bottlenecks resulting …

What the base rate rise to 4.5% means for your mortgage and savings
1 year, 7 months ago

What the base rate rise to 4.5% means for your mortgage and savings

Daily Mail  

The Bank of England has increased base rate to 4.5 per cent in the latest move by the Monetary Policy Committee to tackle inflation. Trackers follow the Bank of England's base rate plus or minus a set percentage, ie base rate plus 0.5 per cent. Anyone keeping a keen eye on This is Money's best-buy savings rates tables will have …

When will interest rates fall? Forecasts for a base rate cut
1 year, 9 months ago

When will interest rates fall? Forecasts for a base rate cut

Daily Mail  

The Bank of England opted to hold the base rate at its current level in December, meaning interest rates will finish the year at 4.75 per cent. The Bank of England cut interest rates at its November meeting, but inflation has now risen above its 2 per cent target and it opted to hold rates in December Latest on interest …

Why fixed-rate mortgage holders will be the worst hit by rising rates
1 year, 9 months ago

Why fixed-rate mortgage holders will be the worst hit by rising rates

The Telegraph  

Just hours after the Bank of England announced a 0.25 percentage point increase in the base rate, Nationwide Building Society said it will cut some of its fixed-rate deals by up to 0.45 percentage points. As of Friday, the lender will offer a five-year fixed rate at 3.94pc – the lowest on the market – for borrowers remortgaging with a …

The Bank of England just raised interest rates. What does that mean for your UK savings and mortgage?
1 year, 9 months ago

The Bank of England just raised interest rates. What does that mean for your UK savings and mortgage?

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. The 11th consecutive increase in a row by members of the Monetary Policy Committee …

Higher interest rates for struggling borrowers set to compound mortgage woes
1 year, 11 months ago

Higher interest rates for struggling borrowers set to compound mortgage woes

ABC  

Hundreds of thousands of the most vulnerable mortgage borrowers risk being locked into uncompetitive interest rates as falling property values reduce or remove their ability to refinance. Key points: The cheapest variable rates in the market are generally only available to borrowers with more equity in their homes Many existing borrowers will be unable to refinance at all without taking …

Mortgage rates rise to nearly 6.3%, the highest level since 2008
2 years, 3 months ago

Mortgage rates rise to nearly 6.3%, the highest level since 2008

CNN  

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. “The housing market continues to face headwinds as mortgage rates increase again this week,” said Sam Khater, Freddie Mac’s chief economist. “For housing markets, higher borrowing costs are the very remedy …

UK braces for long recession after biggest interest rate hike in 27 years, ASX rises to two-month high
2 years, 5 months ago

UK braces for long recession after biggest interest rate hike in 27 years, ASX rises to two-month high

ABC  

The Australian share market has risen to its highest level since early June, despite oil prices plummeting overnight as the Bank of England announced its biggest interest rate hike in 27 years and warned of a long recession for Britain. Regulatory hurdles facing cryptocurrencies, rising interest rates and the Ukraine crisis have affected investors' appetite for riskier assets, pulling bitcoin …

UK interest rate rise: How much will your mortgage go up by?
2 years, 5 months ago

UK interest rate rise: How much will your mortgage go up by?

Daily Mail  

Britons were today already suffering financial pain after the Bank of England raised interest rates by 0.5 per cent to 1.75 per cent – with Santander announcing almost immediately that mortgage repayment rates will go up. Millions more will come out of their fixed deals in next two years; Bank of England predicts inflation will still now be above 9 …

High street lenders increase mortgage rates by more than Bank of England
2 years, 6 months ago

High street lenders increase mortgage rates by more than Bank of England

The Independent  

Some lenders have hiked their mortgage rates by twice as much as the Bank of England base rate while returns on savings accounts have remained close to zero in many cases. Fixed rates are also on the rise, with the average two-year fixed rate rising by almost 1 per cent since December 2021. The average two-year fixed rate is now …

Mortgage interest rates are rising. If you’re looking at adjustable-rate loans, know the risks
2 years, 9 months ago

Mortgage interest rates are rising. If you’re looking at adjustable-rate loans, know the risks

LA Times  

A for-sale sign stands in front of a home in Inglewood in February. For instance, on a $500,000 loan with a 5% initial interest rate, you’ll pay $600 less per month with an interest-only mortgage. That’s why a longer initial period is less risky when interest rates are rising — you’ll have more time to wait for interest rates to …

Mortgage interest rates rise again, but will this impact house prices?
2 years, 10 months ago

Mortgage interest rates rise again, but will this impact house prices?

Dutch News  

Mortgage interest rates in the Netherlands are rising, and have gone up 0.45 of a percentage point to 1.85% for a 20-year fixed rate mortgage, the Financieele Dagblad reported on Tuesday. The sharp increase takes mortgage rates to their highest level since August 2019, and it is, according to experts, unclear when the increase will slow down again. The low …

Mortgage interest rates rise again, but will this impact house prices?
2 years, 10 months ago

Mortgage interest rates rise again, but will this impact house prices?

Dutch News  

Mortgage interest rates in the Netherlands are rising, and have gone up 0.45 of a percentage point to 1.85% for a 20-year fixed rate mortgage, the Financieele Dagblad reported on Tuesday. The sharp increase takes mortgage rates to their highest level since August 2019, and it is, according to experts, unclear when the increase will slow down again. The low …

UK inflation hits decade high, pressuring Bank of England
3 years ago

UK inflation hits decade high, pressuring Bank of England

Associated Press  

LONDON — Consumer prices in the United Kingdom are rising at their highest rate in over a decade as a result of soaring energy costs and blockages in the supply chain, official figures showed Wednesday, a day before a highly anticipated interest rate decision from the Bank of England. The Office for National Statistics found that inflation rose by 5.1% …

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