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...After soaring earlier in the year, mortgage rates have continued to fall following more positive UK inflation data and growing competition between lenders, with HSBC and NatWest dropping prices this week...
...in residential mortgages....
...Some large banks did not cull staff in 2023, notably HSBC and Commerzbank, which have both undertaken huge workforce reductions in recent years....
...Once almost all mortgage borrowers move on to more expensive mortgage products, the Resolution Foundation estimated that they would collectively be paying £15.8bn more each year to service their debts than...
...They have also refrained from copying the riskier loans to start-ups and sweet mortgage deals to the ultra-wealthy that made SVB the go-to bank for tech entrepreneurs....
...the mortgage market from 12.2 to 15.7 per cent....
...HSBC has cut rates on about 100 of its mortgage deals, including reducing a two-year fixed-rate mortgage with 60 per cent loan-to-value by 10 basis points to 6.14 per cent....
...“But having a house with no mortgage means our ultimate fall back is downsizing.”...
...The UK’s biggest grocer already sold off its mortgage book in 2019....
...Lower mortgage rates contributed to lifting mortgage approvals to a three-month high in October, according to data from the BoE published last month....
...On Friday, thousands of UK customers of HSBC faced disruption on one of the busiest online shopping days of the year when the lender’s mobile and online banking system suffered an outage....
...“The indicators have been better for a couple of months now,” said Elizabeth Martins, economist at HSBC, referring to measures such as consumer confidence and the purchasing manager indices....
...For instance, in July 2020, a two-year interest-only mortgage of 1.69 per cent was available from HSBC, meaning a borrower with a £300,000 mortgage and a 25 per cent deposit would have paid £5,070 a year...
...It has also sounded out rivals, including high street lenders such as HSBC, Lloyds Banking Group and NatWest, about buying a third of its mortgage book, although analysts are sceptical that this would solve...
...Metro Bank also recently said that Barclays was among the potential buyers of a suite of £3bn worth of mortgages....
...Nasdaq 100 futures are up 2 per cent at pixel time, with Nvidia gaining an entire HSBC in value overnight....
...The cost of toys, medical services and some financial services have largely stagnated over the past two years....
...The decision by NatWest is the second time this week it has increased rates, mirroring a similar announcement by HSBC, another one of the big home loan providers, on Wednesday....
...This could mean informing them of new offers, but some industry figures have pushed for banks to go further and signpost switching services....
...HSBC declined to comment and Bank of China did not respond to a request to comment....
...HSBC, Lloyds and TSB were among those which increased the rates on some fixed-term mortgage products on Monday....
...Bankers working on behalf of Metro began sounding out larger peers — including Lloyds Banking Group, NatWest and HSBC — to gauge interest in buying part of the lender’s £7.5bn mortgage book....
...Barclays, Lloyds, HSBC and NatWest declined to comment....
...HSBC, incorporated as a local bank in China in 2007, also holds a controlling stake in Hang Seng Bank in China as its parent company....
...In addition to reducing minimum mortgage downpayments and allowing cuts to existing mortgage interest rates, it increased personal income tax allowances for children’s education and caring for infants and...
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