New research suggests that households on high incomes are particularly vulnerable to accumulating excessive debt. According to Hargreaves Lansdown, households with a combined income of £60,000 or more annually are at the highest risk of struggling as interest rates rise. This is because they often take on a higher level of mortgage debt compared to …
Natwest, Barclays, and Virgin Money have all recently increased the interest rates on their fixed mortgages, joining a string of lenders reacting to the current market volatility. Natwest specifically announced that it would raise rates by up to 0.35% on selected two and five-year fixed deals for both new and existing customers. Virgin Money also …
I have concerns about the recent rise in mortgage rates, not because I’m afraid of higher rates, but because I want to take full advantage of my current rock-bottom rate. My partner and I secured a fixed rate of 1.24% for five years in 2021. We were first-time buyers in 2016 and initially had a …
The growth of house prices experienced a further slowdown in June due to the impact of soaring mortgage rates. This has affected buyers’ purchasing power, leading to sellers accepting larger discounts on their homes. A recent report from Zoopla’s house price index revealed that over two-fifths of sellers (42%) are now accepting offers that are …
Many homeowners in the UK are facing difficulties due to the increasing mortgage rates. In light of this, housing secretary Michael Gove has called on lenders to offer longer-term home loans as a solution. While most UK mortgages are only two or five years long, longer-term fixed-rate mortgages are common in other countries such as …
Homeowners are facing a significant increase in mortgage rates, with the average two-year fixed rate mortgage surpassing 6 percent. This surge has left individuals looking to remortgage or purchase a home burdened with higher monthly bills. The recent inflation figures, which show the Consumer Price Index (CPI) remaining at 8.7 percent and core inflation continuing …
Switch Now and Ditch Your SVR: Brokers Advise Borrowers to Opt for Fixed or Tracker Rates to Avoid High Variable Rates Experts advocate for borrowers to abandon standard variable rate (SVR) mortgage deals They recommend borrowers to switch to fixed or tracker rates for their mortgages By Adele Cooke Updated: 13:45 BST, 24 June 2023 …
Fears of a Sharp Rise in Mortgage Rates When Current Deals Expire Markets Predict Bank of England Will Raise Rates to 6% by November Approximately 800,000 Homeowners need to Remortgage in the Next 6 Months By Daily Mail Reporter Updated: 22:31 BST, 22 June 2023 Hundreds of thousands of homeowners may face mortgage rates of …
Approximately 1.4 million homeowners are facing a surprise as their fixed-rate mortgages expire this year. The current climate for homebuyers and homeowners seeking new loans is a challenging one, with average rates for two-year fixes at 6.19% – more than double the average rate of 2.56% just two years ago. In this rapidly changing market, …
Millions of households are preparing themselves for financial hardship as interest rates rise and monthly mortgage costs increase. Homebuyers and homeowners seeking a new loan today may face paying more than 6% on a two-year fixed rate, which is more than double the average rates from two years ago. This means that someone taking out …