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BOE says 4 million households will see a rise in mortgage costs
The Bank of England has warned that mortgage costs will rise sharply for 4 million households, with an average borrower having to pay almost £3,000 more per year.
Andrew Bailey, the Governor of the Central Bank, said that the rise in…
UK mortgage costs pass mini-Budget highs
As a result of interest rate hikes, banks and building societies have increased the cost of mortgages with a two-year fixed term in the UK.
Moneyfacts, a data provider, reports that lenders have increased the cost of borrowing in…
UK homeowners rush to refinance because of fears about rate hikes
Brokers report that UK homeowners are refinancing their mortgages in a rush, as they lock-in deals amid concerns about interest rates rising further. They had been waiting to see if the cost of debt would ease.
Knight Frank Finance…
Research shows that cash buyers are buying more London high-end property.
Cash buyers who can avoid rising borrowing costs are buying a larger share of London’s most expensive properties, boosting the resilience in London’s high-end property market.
According to Savills, equity buyers purchased 71 percent of…
Jeremy Hunt meets with banks to discuss spiraling UK mortgage costs
Jeremy Hunt will call on banks to deal with what one Tory Mp called a "mortgage-bomb that is about go off", yet he ruled in giving fiscal assistance to families struggling to pay for rising mortgage costs.
Hunt said on Tuesday that he…
The bond market drives up UK mortgage rates
The Bank of England has raised borrowing costs in the last 18 months, which have led to a rise in UK mortgage rates. The latest spike, which pushed the average interest rate for a two-year loan to above 6 percent this week, was driven by…
Mortgage products reduced by 40% for first-time buyers
Rising interest rates prompt lenders to clamp down on borrowers with small deposits
First-time buyers are struggling to access mortgages as rapidly rising interest rates have cut the number of products for borrowers with small…
Buy-to-let landlords are pushed out of the rental market by city investors.
Experts have predicted that a "rising tide of City investors" will replace small-time landlords of buy-to-let properties who are being forced out of the market due to higher interest rates.
According to property consultants JLL's…
Purplebricks takes over £1 rescue from Sir Charles Dunstone
Sir Charles Dunstone has been named the new owner and CEO of Purplebricks. A huge majority of Purplebricks shareholders have voted in favor of his £1 rescue of the online estate agent.
In a meeting held this morning, the shareholders of…