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...US mortgage lender....
...Many have been wrongfooted by a recent dip in sentiment. At the turn of the year, financial markets were predicting as many as six quarter-point cuts to UK interest rates, starting in the spring....
...But revenues at Barclays UK — which captures the lender’s personal banking, domestic consumer card business and UK business banking — fell 7 per cent because of the shifts by depositors and pressure on mortgage...
...Regulations designed to protect the financial system after the 2008 financial crisis require banks to “stress test” mortgage applicants, generally to at least 1 per cent above the current standard variable...
...Asking prices rose to a near-record level in April, driven by larger properties, according to data that points to a continuing recovery in the UK housing market despite recent volatility in mortgage rates...
...In Canada and the US, lenders and mortgage brokers are required to be licensed with local financial authorities....
...Equity swaps are financial instruments that allow investors to gain exposure to a stock. They are commonly used by hedge funds to build positions in companies and are typically facilitated by big banks....
...Brexit and mortgage regulatory changes also played a role, according to Richard Donnell, executive director at property consultancy Houseful....
...Some quoted mortgage rates have edged up since February because of sticky services inflation, a move reflected in the month-on-month drop registered by Nationwide in March....
...The mortgage, launched this week by Accord, an arm of Yorkshire Building Society, is pitched at those looking to buy a first home but struggling to save a deposit....
...The spread between rates on two-year and five-year fixes has recently narrowed, reducing the monthly savings to be made by choosing the longer-term, cheaper fix....
...Mortgage brokers said older borrowers had been hit by the impact of higher house prices and interest rates....
...As in the case of foreign currency mortgages, “the costs of mis-selling must be borne by the institutions that caused it.”...
...Financial markets expect the BoE to start cutting interest rates from this summer, taking the benchmark rate to 4.5 per cent by the end of the year....
...Just a year or two prior, the Chicago Board of Trade started trading financial futures, and then options on financial futures. I had one options class, one programming class — but that’s all you need!...
...Net mortgage approvals for house purchases rose from 51,500 in December to 55,200 in January — the highest in 15 months and above the 52,000 forecast by economists polled by Reuters....
...Swap rates, which underpin fixed-rate pricing and are affected by interest rate expectations, have picked up this year after falling sharply at the end of 2023....
...All brokers earn commission from lenders and are regulated by the Financial Conduct Authority, which checks that their recommendations are impartial....
...Lloyds’ total lending fell £1.2bn to £448.5bn in the first quarter, with its mortgage balance shrinking by £1.6bn. The group however flagged a rise in mortgage applications in the first quarter....
...HSBC has become the latest lender to raise its residential mortgage rates following similar moves by Santander, NatWest and Nationwide in recent weeks....
...The increase reflects broader growth of the country’s mortgage market. Central bank figures published this month show the total mortgage portfolio of Russian banks increased by 34.5 per cent last year....
...“The Prudential Regulation Authority could have concerns about banks’ exposure to 99 per cent loan-to-value mortgages, even if partially underwritten by government, and could look for additional capital...
...Money Clinic was produced in London by Philippa Goodrich and Persis Love. The sound design is by Breen Turner and our editor is Manuela Saragosa. You heard original tunes this week by Metaphor Music....
...Specification: Market structures, financial markets Click to read the article and then answer the questions: Barclays and Santander announce cuts to UK mortgage rates Explain what is meant by a mortgage...
...Still, activity slowed, prices dipped and approvals for new mortgages fell by about a quarter last year. Volumes are now expected to rise....
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