Cheap mortgage deals disappear amid expectations of interest-rate rise from Bank of England
3 years, 2 months ago

Cheap mortgage deals disappear amid expectations of interest-rate rise from Bank of England

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 average rate for a first-time buyer seeking a two-year fixed-term mortgage with a 5 per cent deposit jumped from 2.45 per cent last week to 2.69 per cent this week. If the Bank raised the base rate by 0.25 per cent, the average tracker-mortgage customer would pay an extra £26 per month, while the average customer on an SVR would pay £16 more, according to figures from UK Finance. Accountancy firm Mazars calculated that households would pay a combined £1.9bn extra on their mortgage costs if the base rate increased to 0.5 per cent. Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, said: “We need to track down what we’re making on our savings, and if we’re earning next to nothing we should keep our eyes peeled for better deals from smaller and more competitive banks in the immediate aftermath of a rate rise.” The average easy-access savings account on the market pays just 0.19 per cent, while the average easy-access Isa pays 0.26 per cent, according to figures from Moneyfacts.co.uk.

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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  

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Santander UK cuts rates across more than 70 mortgage products
4 weeks ago

Santander UK cuts rates across more than 70 mortgage products

The Independent  

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Jump in average fixed mortgage rates recorded in December, says Moneyfacts
1 month ago

Jump in average fixed mortgage rates recorded in December, says Moneyfacts

The Independent  

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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 …

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 …

Average tracker mortgage payments will fall by nearly £30
2 months ago

Average tracker mortgage payments will fall by nearly £30

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. Someone on a standard variable rate mortgage will see …

Mortgage approvals jump but housing market on ‘tenterhooks’ ahead of Budget
2 months, 1 week 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 …

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 …

Average fixed savings rates on offer fall to lowest levels for more than a year
2 months, 2 weeks ago

Average fixed savings rates on offer fall to lowest levels for more than a year

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 Some average fixed savings rates …

Longer-term fixed savings rates dipped below 4% in September, says Moneyfacts
3 months, 3 weeks ago

Longer-term fixed savings rates dipped below 4% in September, says Moneyfacts

The Independent  

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Mortgage rates finally fall for first-time buyers – best deals compared
3 months, 3 weeks ago

Mortgage rates finally fall for first-time buyers – best deals compared

The Independent  

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Mortgage approvals for house purchase jump to highest levels since mini-budget
4 months, 1 week ago

Mortgage approvals for house purchase jump to highest levels since mini-budget

The Independent  

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NatWest latest lender to offer mortgage under 4% in new price war
4 months, 3 weeks ago

NatWest latest lender to offer mortgage under 4% in new price war

The Independent  

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Bank of England interest rate cut joy for mortgage holders as Rachel Reeves blames mini-Budget for inflation - UK politics live
5 months, 1 week ago

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

The Independent  

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Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
6 months, 1 week ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
6 months, 1 week ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Here’s how much the average price of a home dropped by in June
6 months, 3 weeks ago

Here’s how much the average price of a home dropped by in June

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. Across Britain, the average price of a home coming fresh on the market in …

How much savings interest does YOUR bank pay? Average rate at big five revealed to still be dreadful...
7 months ago

How much savings interest does YOUR bank pay? Average rate at big five revealed to still be dreadful...

Daily Mail  

It is despite new rules which require them to offer savers 'fair value' The UK's five biggest banks are still failing to offer competitive savings interest despite the Financial Conduct Authority's Consumer Duty rules introduced last summer, new figures reveal. The five banks continue to offer savers easy-access accounts paying less than 2 per cent. Poor performers: The big five …

Major lenders cut mortgage rates in ‘welcome boost’ for market
7 months, 3 weeks ago

Major lenders cut mortgage rates in ‘welcome boost’ for market

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. Barclays has also reduced rates on a selection of …

Homeowners dealt fresh blow as experts warn mortgage rates could pass six per cent again next week
8 months ago

Homeowners dealt fresh blow as experts warn mortgage rates could pass six per cent again next week

Daily Mail  

Homeowners have been dealt a fresh blow after experts warned key mortgage rates could surge above 6 per cent again as early as next week. More than 20 lenders have hiked their mortgage rates this week, pulling some of the most competitive home loans from the market, including several deals below 5 per cent. The cost of borrowing has been …

Average long-term US mortgage rate falls slightly, easing borrowing costs for home shoppers
9 months, 1 week ago

Average long-term US mortgage rate falls slightly, easing borrowing costs for home shoppers

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate fell slightly this week, welcome news for home shoppers facing rising prices and a stubbornly low inventory of properties on the market this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.79% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. “Mortgage rates moved slightly lower …

New mortgage helps first-time buyers get on property ladder with £5,000 deposit
9 months, 2 weeks ago

New mortgage helps first-time buyers get on property ladder with £5,000 deposit

The Independent  

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Average long-term US mortgage rate declines to levels last seen in early February
9 months, 3 weeks ago

Average long-term US mortgage rate declines to levels last seen in early February

Associated Press  

LOS ANGELES — Home loan borrowing costs fell for the second week in a row, pulling the average long-term U.S. mortgage rate to its lowest level since early February — good news for prospective home shoppers as the spring homebuying season gets underway. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky …

Mortgage rates hit their highest level in 10 WEEKS costing the typical homebuyer $700 more a month than if they bought two years ago - but experts insist they WILL drop later in the year
10 months, 3 weeks ago

Mortgage rates hit their highest level in 10 WEEKS costing the typical homebuyer $700 more a month than if they bought two years ago - but experts insist they WILL drop later in the year

Daily Mail  

Home loans are rocked by uncertainty over when the Fed will cut interest rates It is the highest rate in ten weeks, according to the latest data from Freddie Mac Average rate on a 30-year loan hit 6.77 percent this week, up from 6.64 percent Homebuyers are facing yet more misery after US mortgage rates rose to their highest level …

Biggest drop in average two-year fixed mortgage rate on the market since 2022
10 months, 4 weeks ago

Biggest drop in average two-year fixed mortgage rate on the market since 2022

The Independent  

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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 …

Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May
11 months, 3 weeks ago

Boost for homebuyers: Average long-term mortgage rate falls to 6.6%, lowest level since May

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate fell this week to its lowest level since May, welcome news for prospective homebuyers facing rising home prices and intense competition for relatively few properties on the market. The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. The decline, which …

Interest rate cuts will soften mortgage blow by £11bn in 2024
1 year ago

Interest rate cuts will soften mortgage blow by £11bn in 2024

The Independent  

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First Direct unveils sub-4% mortgage rates
1 year ago

First Direct unveils sub-4% mortgage rates

The Independent  

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Halifax cuts mortgage rates in new hope for home buyers
1 year ago

Halifax cuts mortgage rates in new hope for home buyers

The Independent  

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The average long-term US mortgage rate dips below 7% to its lowest level since early August
1 year ago

The average long-term US mortgage rate dips below 7% to its lowest level since early August

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale. The yield, which in mid October surged to its highest level since 2007, has been falling …

What does Bank of England interest rates decision mean for my mortgage and savings?
1 year ago

What does Bank of England interest rates decision mean for my mortgage and savings?

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. UK ‘could see four interest rate cuts in 2024’ “Especially over past month or …

UK house sales tumbled by a fifth in October, HMRC says
1 year, 1 month ago

UK house sales tumbled by a fifth in October, HMRC says

The Independent  

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Is your bank still only paying £1.40 for every £100 saved in an easy-access account?
1 year, 1 month ago

Is your bank still only paying £1.40 for every £100 saved in an easy-access account?

Daily Mail  

Big banks are once again in the spotlight for ripping savers off with meagre easy-access rates. On £10,000 savings, Moneyfacts figures show five of the UK's biggest banks' flexible easy-access accounts pay an average interest rate of just 1.85 per cent. Barclays' everyday saver account pays 1.65 per cent, HSBC's flexible saver pays 1.98 per cent, NatWest's flexible saver pays …

The average long-term US mortgage rate falls to 7.5% in second-straight weekly drop
1 year, 2 months ago

The average long-term US mortgage rate falls to 7.5% in second-straight weekly drop

Associated Press  

LOS ANGELES — The average rate on the benchmark 30-year home loan fell for the second week in a row, positive news for prospective homebuyers after rates touched a 22-year high just last month. The latest decline brought the average rate on a 30-year mortgage down to 7.5% from 7.76% last week, mortgage buyer Freddie Mac said Thursday. The average …

UK house prices have proven more resilient than expected, says Halifax
1 year, 3 months ago

UK house prices have proven more resilient than expected, says Halifax

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. Many economists and financial markets predict that base rate …

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 …

Bank of England rate rises push mortgage costs up by a fifth
1 year, 5 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 …

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  

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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 …

Blink and you’ll miss it: Why are some mortgage deals disappearing so quickly?
1 year, 5 months ago

Blink and you’ll miss it: Why are some mortgage deals disappearing so quickly?

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. Nearly three …

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  

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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 …

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 …

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