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The Latest Breaking News from UK Finance

How Bank of England base rate rise to 5% could impact people with all types of mortgage

Chancellor Jeremy Hunt and major banks agreed measures on Friday to help ease the pain of rising rates.

Daily Record

What can you do if you’re worried about paying your mortgage or rent?

Whether a mortgage deal is ending soon, or you’re concerned about keeping up with existing payments, options are available. By Vicky Shaw.

The Independent UK

Exactly what the interest rate hike means for you - and what you need to do

Some will see an immediate bill hike of almost £50, others will have to wait a while for it to take effect

Wales Online

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What does the Bank of England base rate hike mean for homeowners?

The Bank of England base rate now stands at 5% after a 0.5 percentage point hike on Thursday.

The Independent UK

Mortgage lenders ‘ready to support customers’ as rates jump again

Taking all 13 base rate rises into account, the average monthly tracker mortgage payment will have increased by £464.79, according to UK Finance.

The Independent UK

Rishi Sunak warned of ‘serious shock’ for mortgage holders as Bank of England poised to raise interest rates

Experts warn 1.4m homeowners will see a fifth of their disposable income wiped out by soaring mortgage rates

The Independent UK

Mortgage lenders ‘stand ready’ to help borrowers struggling with payments

Lenders urged those who are worried about their payments to get in touch.

The Independent UK

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71% fall in number of interest-only mortgages outstanding since 2012

The stock of outstanding interest-only mortgages fell by 8% in 2022, compared with the end of 2021, UK Finance said.

The Independent UK

UK homeowners face huge rise in payments when fixed-rate mortgages expire

More than 2.4m deals are ending in 2024, raising fears of financial timebomb

The Guardian - UK

‘I felt stupid and embarrassed’: victim of ‘Hi Mum’ fraud on WhatsApp lost £1,600

Guardian investigation reveals the human stories behind the scams on Meta’s social media platforms

The Guardian - UK

52% of people with disabilities ‘negatively affected by bank branch closures’

Consumer group Which? carried out research among more than 2,700 bank customers with disabilities.

The Independent UK

Household savings shrink annually for first time in 15 years

Further falls in savings levels were likely until current cost pressures eased, UK Finance said.

The Independent UK

UK banks to reimburse fraud victims under new rules, regulator confirms

Requirement to refund people who have been tricked by scammers will be implemented in 2024

The Guardian - UK

Heathrow security guards to strike from 24 June, says Unite; UK house prices ‘in first annual fall since 2012’ – as it happened

Heathrow security guards announce strikes over summer, UK house prices record their first annual fall in over a decade

The Guardian - UK

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Evening Standard

One in five first-time buyers taking out mortgages lasting over 35 years

A record 19% of first-time buyers took out mortgages lasting at least 35 years in March, according to figures from UK Finance.

The Guardian - UK

Mortgages: UK lenders continue to raise rates and pull deals

Record 19% of all loans taken out by first-time buyers in March were for 35 years or longer

The Guardian - UK

Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened

Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015

Evening Standard

Six per cent interest rate warning in ‘bumpy’ battle to halve inflation this year

‘We are going to stay the course and get inflation down,’ Work and Pensions Secretary Mel Stride said

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Wales Online

Warning that taking quizzes on social media could see your data stolen

There are several things you can do to reduce the risk

The Guardian - UK

UK banks shortchanging savers with ‘measly’ rates, says Which?

Some instant access accounts as low as 0.1% despite Bank of England’s 4.5% base interest rate

The Independent UK

Savers should ditch and switch if they are not satisfied with rates – Which?

The consumer group said become even more important to get better returns on savings accounts amid the living costs squeeze.

The Independent UK

Spike in mortgage arrears and homes being repossessed as interest rates soar

Lenders stand ready to help anyone who might be concerned about their repayments, according to UK Finance, which released the figures

The Independent UK

Jump in mortgage arrears and homes being repossessed

Lenders stand ready to help anyone who might be concerned about their repayments, according to UK Finance, which released the figures.

The Independent UK

More than 10 million UK adults struggling with bills and credit repayments – FCA

Around 5.6 million adults were estimated to have missed bills or loan payments in at least three of the previous six months, the FCA said.

The Independent UK

More mortgage pain to come as some to pay £200 more a month, experts warn

The trend towards homeowners taking out longer fixed-rate mortgages has delayed the impact of rising interest rates on some households

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