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...The trend in rising home loan arrears follows a sharp increase in mortgage costs over the past three years, as the BoE raised interest rates to a 16-year high of 5.25 per cent in a bid to tame inflation....
...The average rate for a 30-year, fixed home mortgage was around 6.63 per cent last week, according to Freddie Mac....
...A number of UK lenders have announced mortgage rate increases in a sign that the race towards more competitive offers is slowing, as the prospect fades of imminent Bank of England interest rate cuts....
...The sharp rise in mortgage costs as the Bank of England raised interest rates to tame inflation put the brakes on the property market, and imposed a particular strain on affordability for first-time buyers...
...of a minority) start to feel that sweet, sweet interest-rate relief: We wrote about mortgages a bit last summer, looking at how the shifting composition of UK home borrowing to (mainly 5-year) fixed terms...
...“Previously, older borrowers may have used [mortgages] for home improvement, travel or to help a younger family member get on the property ladder,” said David Hollingworth, associate director at L&C, a mortgage...
...In 2021 the government introduced a 95 per cent loan-to-value mortgage scheme which officials say has helped close to 40,000 home buyers....
...So really useful if you’ve got a fixed-rate mortgage on a good rate. Now in Crystal’s case, she’s done this and she’s got two mortgages on her home, but the deals don’t expire at the same time....
...— At the same time, the U.S. faces a shortage of residential housing....
...Mortgage approvals to homebuyers hit a six-month high in December, according to Bank of England figures, reaching 50,459....
...The cut to the LPR, which is set by a group of big Chinese banks, indicated policymakers’ concerns that home purchases had not rebounded, a hurdle for faltering economic growth that has also been dragged...
...The settlement with the customers, who were pursuing BNP for compensation through a civil case in the French courts, will cost the bank between €400mn and €600mn, according to a person familiar with the...
...Even the inventory of new homes dipped a bit in 2023, as high mortgage rates put a damper on Americans’ desire to finance anything....
...Since the start of the year, dozens of lenders have cut interest rates on home loans, in anticipation that the Bank of England will follow suit....
...Most analysts predict the central bank will make its first rate cut in either June or July....
...for home loans....
...Basically, I defined what was wrong with mortgage markets. These “modified mortgages” entailed you buying the home, borrowing the money and paying 1 per cent on the mortgage for three years....
...Perenna Bank, a new lender focused on long-term fixed rate mortgages, won a government green finance grant to develop a product to encourage retrofitting: It thinks a discount of 0.2 to 0.3 percentage points...
...The better market conditions were reflected in figures published by the central bank on Thursday, which showed that mortgage approvals rose more than expected and to a five-month high in November....
...Last year, mortgaged home movers faced sharp rises in mortgage interest payments as a result of higher Bank of England base rates and higher swap rates, which influence the cost of lenders’ fixed-rate deals...
...Subsidised mortgages accounted for more than half of the new home loans....
...Barclays and Santander have announced cuts to their mortgage rates, adding to momentum for cheaper UK home loan deals after HSBC and Halifax reduced rates last week....
...The cost of homes soared in many countries during the pandemic, but high mortgage rates have led to a significant slowdown in house price growth in a number of countries....
...Net mortgage lending rose €12bn last month, the biggest monthly increase for more than a year, largely driven by a jump in French home loans....
...I’d be mortgage free, if I owned just one home. And my costs of living would be drastically reduced, too. But where’s the fun in that?...
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