mortgagespecialist

Will interest rates go up in 2022? What UK inflation rise means and how the Bank of England could respond

Will interest rates go up in 2022? What UK inflation rise means and how the Bank of England could respond

The BankšŸ¦ of England cautioned earlier this month that expansion will rocket to its most elevated level for 10 years which it is likely to hike interest ratesšŸ’¹ within the ā€œcoming monthsā€ to undertake and bring CPI back to its 2 per cent target.However, the Bankā€™s governor Andrew Bailey has expelled conversation of expansion proceeding …

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FCA urges lenders to support UKā€™s 47,000 ā€˜mortgage

FCA urges lenders to support UKā€™s 47,000 ā€˜mortgage prisonersā€™

Banks and buildingĀ societiesĀ have beenĀ urgedĀ to consider changes toĀ lendingĀ criteriaĀ to šŸ¦æassistĀ anĀ evaluatedĀ 47,000 borrowers whoĀ mayĀ advantageĀ from a cheaperĀ homeĀ loanĀ but areĀ as of nowĀ incapableĀ to move.A review ofĀ ā€œmortgage prisonersā€Ā by the Financial Conduct Authority found there were about 195,000 households whose debts had been sold on to inactive lenders and that a quarter of them could save moneyšŸ’øĀ #banksĀ #buildingĀ #moneyĀ if they were allowed to switch to a new …

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Buy-to-let repossessions soar as ā€˜strangleholdā€™ on landlords continues

Buy-to-let repossessions soar as ā€˜strangleholdā€™ on landlords continues

The number of āœ”ļørental properties being repossessed by moneylenders since the proprietors are as well far in arrears on their buy-to-let mortgage has rocketed by 40 per cent compared with last year. Figures from UKšŸ’¶ Fund appear that 4,550 buy-to-let mortgages were in arrears of 2.5 per cent or more of the whole borrowing within …

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UK mortgage approvals at lowest level since mid-2020

UK mortgage approvals at the lowest level since mid-2020

The number of mortgages approved for UK house purchases fell to its lowest level in 16 months in October as the ā€œdistortive effectā€ of the stamp duty holiday came to an end.Figures from theĀ Bank of EnglandĀ showed that 67,200 new homebuyer mortgages were approved during the month, down from 71,851 and well below the high of …

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Be prepared for soaring mortgage costs, warns OBR

Be prepared for soaring mortgage costs, warns OBR

Buried deep in last weekā€™s avalanche of Budget paperwork was a stark warning to the UKā€™s millions of šŸ homeowners with outstanding mortgages ā€“ be prepared for a big leap in mortgage costs.Figures show the Office for Budget Responsibility ā€“ the public body responsible for ensuring independent āœ”ļøeconomic forecasting and analysis of the public purse ā€“ …

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https://californianewstimes.com/lenders-raise-uk-mortgage-rates-as-inflation-fears-take-hold/573923/

Lenders raise UK mortgage rates as inflation fears take hold

British banksšŸ¦ and building-and-loan unions have started to raise mortgage rates in reaction to rising expansion, marking the end of a period of ultra-low borrowing costs and building on them. Pressure Around familyšŸ‘Ŗ budget. HSBC and NatWest will raise interest rates on settled rate transactions on Thursday, and Barclays will take after on Friday. There …

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Interest Rate Rise

What does an interest rate rise mean for mortgages?

One of the biggest concerns around a risešŸ“ˆin intrigued rates is the potential affect on the cost of mortgages.Property holders with tracker mortgage šŸ¤šŸ» deals ought to see a quick change to their monthly installments, as their rate is specifically pegged to interest rates.In due course, a rate rise will nearly certainly affect mortgage holders …

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