As the second half of this year approaches, mortgage holders who are nearing the end of their fixed rate deals can expect an increase of approximately £220 in their monthly payments. Mark Harris, CEO of mortgage broker SPF Private Clients, warns that borrowers transitioning from cheap fixes will face a significant payment shock. The Bank …
For mortgage holders nearing the end of their fixed-rate deal in the second half of this year, there is an anticipated increase of around £220 in monthly payments. Mark Harris, the CEO of SPF Private Clients, describes this as a real shock for borrowers. The Bank of England predicts a modest decline in house prices …
Watchdog Urges Major Banks to Improve Rates on Instant Access Accounts Financial Conduct Authority (FCA) calls on banks to enhance savings rates Only 28% of Bank of England’s base rate increases are passed on by banks By John Abiona Updated: 01:02 BST, 1 August 2023 The Financial Conduct Authority (FCA) has announced plans to take …
The Bank of England has selected Ben Bernanke, the former chairman of the Federal Reserve, to conduct a thorough review of its forecasting failures. This appointment comes as a response to the Bank’s repeated inability to accurately predict UK inflation levels. David Roberts, chairman of the Bank’s court, has tasked Bernanke with examining the Bank’s …
Homeowners burdened with debt are feeling the impact of rising interest rates, as the average rate for a five-year fixed-rate mortgage surpassed 6% on Tuesday. According to data company Moneyfacts, borrowers seeking a five-year home loan can now expect to pay an average rate of 6.01% – the highest it has been since November of …
A new analysis conducted by the Liberal Democrats reveals that households with a typical mortgage will experience a significant increase in payments, equivalent to a 6p rise in income tax. The analysis takes into account the Bank of England’s interest rate, which has risen from 0.1% over the past 18 months to its current rate …
Fears of a recession in the British economy have intensified following the Bank of England’s recent decision to raise borrowing costs by more than originally expected. The central bank aimed to combat stubbornly high inflation with the increase, but it will have a significant impact on borrowers, particularly homeowners who need to refinance in the …
However, can we expect the privileged civil service to combat the issue of inflation when many are shielded from its effects? The insistence on remote work has safeguarded individuals from the expenses associated with commuting, allowing them to accumulate lockdown savings. Moreover, their pensions are completely immune to inflation, with retired civil servants receiving even …
The Governor of the Bank of England, Andrew Bailey, expressed concern about high inflation rates in a recent conversation with Jeremy Hunt. In a letter to the Chancellor, Bailey emphasized that domestic inflationary pressures are still significantly elevated. The consumer prices index (CPI) reveals that price increases remained stagnant at 8.7% in May, compared to …
The latest official figures reveal that Britain’s benefits bill has propelled public borrowing to record levels for the month of May, even outside of lockdown. This has resulted in the UK’s debt share surpassing the size of the economy for the first time since 1961. In May, the government borrowed £20 billion to bridge the …