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 rising mortgage rates, but backed the Bank of England’s hikes, saying curbing inflation is “crucial”. Santander UK’s mortgage director Bradley Fordham told MPs that arrears, or households struggling to keep up with mortgage payments, were at “relatively low” levels, despite a “small uptick”. He told MPs that mortgage rates could rise to a “tipping point” at which even interest-only deals “won’t be sufficient to offset the increase in payments that customer will see”. He said: “We need to make sure that those first-time buyers are resilient, ie they can afford to stay in their homes through a two-year period where house prices might be falling, for example, and they are aware that they could end up in negative equity.” Mr Hunt recently unveiled a so-called mortgage charter, agreed with Britain’s leading banks, to help struggling borrowers.

Inflation Independent Payments Bank Mortgage Interest Rates Interest Rising Told Rates Westminster Email View Liz Truss Mortgage Rates Sunak Mr Sunak Negative Equity  mortgage  minibudget  surpass  inflation  bank  told  payments  interest  sunak  rising  homeowners  liz  truss  rates  peak  soar

History of this topic

Millions hit with mortgage blow as rise in inflation crushes hopes of interest rate cut
1 month ago

Millions hit with mortgage blow as rise in inflation crushes hopes of interest rate cut

Daily Mail  

Interest rate cut hopes were crushed yesterday after a bigger-than-expected rise in inflation to a six-month high - in a blow to millions of borrowers. Higher inflation will add to the Bank of England's reluctance to cut its benchmark interest rate, currently at 4.75 per cent. Latest economists' forecasts Rachel Reeves's Budget has also dented rate cut hopes - as …

Home repossessions jumped annually in the third quarter of 2024
1 month, 2 weeks ago

Home repossessions jumped annually in the third quarter of 2024

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. The effect on private renters can also not be …

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years
1 month, 2 weeks ago

Brits hope for mortgage relief with Bank of England poised to cut interest rates TODAY… but fears big-spending Budget could keep borrowing costs higher for years

Daily Mail  

The Bank of England is poised to cut interest rates today - but could signal that the big-spending Budget will keep borrowing costs higher in future. Threadneedle Street's decision could be swayed by grim figures this week showing growth in the UK services sector slowing to its lowest rate in nearly a year. Tim Moore, economics director at S&P Global …

Why Britain’s inflation nightmare may not be over
1 month, 2 weeks ago

Why Britain’s inflation nightmare may not be over

The Telegraph  

Rachel Reeves’s record tax-raising Budget will be bad news for homeowners with mortgages, according to the Bank of England. Threadneedle Street has warned that interest rates are expected to fall more slowly because of Reeves’s inflationary Budget, keeping mortgage repayments higher for longer. Rising costs for employers and a big rise in government spending means inflation will now take a …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
1 month, 3 weeks ago

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win

LA Times  

Mortgage rates have been on the rise despite recent action from the Federal Reserve. In September, the Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to prospective home buyers that mortgage rates would follow suit. “They are saying ‘What’s going on?’” The fact that mortgage rates have gone up despite the cut underscores …

Autumn Budget 2024: What will it mean for my mortgage?
1 month, 3 weeks ago

Autumn Budget 2024: What will it mean for my mortgage?

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 {{ …

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget
1 month, 3 weeks ago

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget

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 number of mortgage approvals …

‘Many households still struggling’ as lenders report rise in mortgage defaults
2 months, 2 weeks ago

‘Many households still struggling’ as lenders report rise in mortgage defaults

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 Mortgage default rates among households …

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor
2 months, 2 weeks ago

Bank of England could be ‘more aggressive’ with interest rate cuts, says governor

The Independent  

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Bank says interest rates could be cut ‘gradually’ after holding at 5%
3 months ago

Bank says interest rates could be cut ‘gradually’ after holding at 5%

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 has …

Bank of England interest rate cut joy for mortgage holders as Rachel Reeves blames mini-Budget for inflation - UK politics live
4 months, 3 weeks ago

Bank of England interest rate cut joy for mortgage holders as Rachel Reeves blames mini-Budget for inflation - UK politics live

The Independent  

✕ Close Rachel Reeves admits taxes will rise in first Budget Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy …

How to find a new mortgage
5 months, 4 weeks ago

How to find a new mortgage

Daily Mail  

Mortgage service provided by London & Country Mortgages, which is authorised and regulated by the Financial Conduct Authority. NatWest and TSB lower mortgage rates despite base rate cut delay looking more likely Two more high street banks have announced they are cutting mortgage rates as home loan costs continue to drift downwards. Just one in eight would-be first-time buyers can …

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices
7 months ago

UK inflation - live: Tories call for Bank of England to cut interest rates despite market gloom over rising prices

The Independent  

✕ Close Hunt attacks Labour and says he refutes 'myths' the economy is worse under Tories 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 …

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation
7 months, 2 weeks ago

Bank of England edges closer to rate cut, possibly in June, as it predicts below-target inflation

Associated Press  

LONDON — The Bank of England maintained its key U.K. interest rate at a 16-year high of 5.25% though it gave a broad hint that a reduction could be on the cards as soon as June as inflation is forecast to fall below target. I’m optimistic that things are moving in the right direction.” Bailey indicated that the financial markets …

Home repossessions jump as households ‘remain under pressure’ from higher rates
7 months, 2 weeks ago

Home repossessions jump as households ‘remain under pressure’ from higher rates

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. The number of mortgages in arrears, while still low, …

ANZ chief executive's dire warning for Australian home borrowers
7 months, 2 weeks ago

ANZ chief executive's dire warning for Australian home borrowers

Daily Mail  

ANZ chief executive Shayne Elliott has warned the bank is expecting more borrowers to struggle to repay their mortgage and fall into financial stress. ANZ chief executive Shayne Elliott has warned the bank is expecting more borrowers to struggle to repay their mortgage Mr Elliott also blamed the June 2022 expiry of the former Coalition government's low and middle-income tax …

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 …

Tamer inflation leads to speculation over interest rate cut and cheaper mortgages
10 months, 1 week 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
10 months, 3 weeks 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 …

Is Britain’s mortgage hell finally over?
11 months, 2 weeks ago

Is Britain’s mortgage hell finally over?

The Independent  

On the face of things, it looks like a very happy new year for mortgage borrowers. After a miserable 2023 in which rates shot up like a world champion pole vaulter, Bank of England base rates hit 5.25 per cent before the Monetary Policy Committee pressed pause – 2024 could hardly have started better for the housing market. More good …

Bank of England official hints at interest rate shift as UK faces recession
1 year ago

Bank of England official hints at interest rate shift as UK faces recession

The Telegraph  

While the Imperial College Business School professor, who has voted four times to raise interest rates to 5.5pc from 5.25pc since August, insisted that he would not shift his stance “based on one month data”, a darkening economic backdrop will pile more pressure on the Bank to cut rates to kickstart growth. Another quarter of economic decline would mark the …

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023
1 year ago

From AI and inflation to Elon Musk and Taylor Swift, the business stories that dominated 2023

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Their aggressive rate hikes had brought inflation way down from the peaks of 2022, when …

Interest rates may need to rise again, warns Bank of England
1 year ago

Interest rates may need to rise again, warns Bank of England

The Telegraph  

Policymakers pushed back against any assumption of an imminent fall in the Bank’s base rate, warning that pay and services inflation – two key indicators of price pressures – “remained elevated”. The MPC said: “Inflation persistence remained higher than in other major advanced economies, possibly reflecting less favourable supply-side developments and stronger second-round effects in the UK.” Britain’s inflation rate, …

Reserve Bank unlikely to lift rates in October despite inflation uptick as more households brace for mortgage cliff
1 year, 2 months ago

Reserve Bank unlikely to lift rates in October despite inflation uptick as more households brace for mortgage cliff

ABC  

A "slight uptick" in inflation is unlikely to see the Reserve Bank lift rates at its October meeting, but more than half a million households facing the looming fixed-rate mortgage cliff are being warned to brace for higher repayments. Key points: An increase in August inflation data is unlikely to see the RBA lift rates next week but it could …

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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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 …

Could Britain’s mortgage nightmare be at an end?
1 year, 3 months ago

Could Britain’s mortgage nightmare be at an end?

The Independent  

In terms of a bona fide triple huzzah shot in the arm, you’d do well to find something much better than the latest UK inflation news in the world of economics. Except that the headline number for August rolled in at 6.7 per cent, a small but important fall from the previous month’s 6.8 per cent. Before we look at …

Bank of England rate rises push mortgage costs up by a fifth
1 year, 4 months ago

Bank of England rate rises push mortgage costs up by a fifth

The Telegraph  

Mortgage payments for the average household have soared by a fifth since the Bank of England first began its policy of raising interest rates to tame inflation, official data shows. The average monthly home loan repayment has risen from £718 in December 2021, when the Bank started raising borrowing costs from 0.1pc to 5.25pc, to £866 in July, the Office …

Bank of England hints that UK borrowing rates will stay high after its new hike
1 year, 4 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 …

Rishi Sunak believes ‘light at end of the tunnel’ on inflation
1 year, 4 months ago

Rishi Sunak believes ‘light at end of the tunnel’ on 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 Rishi Sunak said inflation is …

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 …

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low
1 year, 5 months ago

UK homeowners get some respite as inflation falls by more than anticipated to a 15-month low

Associated Press  

LONDON — Inflation in the U.K. has fallen by more than anticipated to a 15-month low, official figures showed Wednesday, a development that offered struggling households hope that interest rates won’t rise as much as feared over the coming months. Although Dave Ramsden, deputy governor at the Bank of England, said inflation is still “much too high,” analysts said the …

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  

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 {{ …

SNP’s Mhairi Black urges Government to take mortgage crisis ‘seriously’
1 year, 5 months ago

SNP’s Mhairi Black urges Government to take mortgage crisis ‘seriously’

The Independent  

Get Nadine White's Race Report newsletter for a fresh perspective on the week's news Get our free newsletter from The Independent's Race Correspondent Get our free newsletter from The Independent's Race Correspondent SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy SNP deputy Westminster leader Mhairi Black challenged the …

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 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, 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 …

Jeremy Hunt agrees measures with banks aimed at cooling mortgage crisis
1 year, 6 months ago

Jeremy Hunt agrees measures with banks aimed at cooling mortgage crisis

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. The Chancellor stressed that tackling stubbornly high inflation, which …

Government under fire over mortgage crisis as Bank set to hike rates again
1 year, 6 months ago

Government under fire over mortgage crisis as Bank set to hike rates again

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. With the Government and Bank of England under rising …

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 …

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 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 …

Rishi Sunak warned homeowners face ‘serious shock’ as Bank of England poised to raise interest rates
1 year, 6 months ago

Rishi Sunak warned homeowners face ‘serious shock’ as Bank of England poised to raise interest rates

The Independent  

Sign up for the View from Westminster email for expert analysis straight to your inbox Get our free View from Westminster email Get our free View from Westminster email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Rishi Sunak has been warned homeowners face a “serious shock” as …

Bank may need to spark recession to control inflation, economist says
1 year, 6 months ago

Bank may need to spark recession to control inflation, economist says

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. Policymakers won’t want to steer market rate expectations lower, …

UK borrowers brace for more expensive loans as inflation fails to fall as anticipated
1 year, 6 months ago

UK borrowers brace for more expensive loans as inflation fails to fall as anticipated

Associated Press  

LONDON — U.K. borrowers will be bracing themselves for further increases in lending costs after official figures Wednesday showed inflation failing to fall as anticipated in May. Higher interest rates help lower inflation by making it more expensive for households and businesses to borrow, meaning they potentially spend less, thereby reducing demand pressure on prices. “We know how much high …

UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil
1 year, 6 months ago

UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil

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. Read our privacy policy The UK is “hurtling headlong into a mortgage disaster”, experts …

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” …

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