Credit, Collections & Insolvency News
New data from Moneyfacts has shown that a typical two-year fixed mortgage deal now has an interest rate of more than 6%. The data shows that the average rate for a two-year fixed-rate mortgage has hit 6.01%, while a typical five-year fixed rate is now at 5.67%. The two-year rate has risen from 5.98% at the…
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New research by TotallyMoney has predicted the impact of the Bank of England’s hiking interest rates by a further 0.25% (to 4.75%) on borrowers with a variable rate mortgage head of the next MPC announcement on the 22nd of June. The research found that for the average UK property costing £270,708 with a 75% LTV,…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to 4.5%, marking its 12th consecutive rate rise. The BoE revised up its growth forecasts from gloomy numbers released in February, but it also now expects inflation to be slower to fall than it had hoped, mostly due…
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The Bank of England has raised its key interest rate by a quarter of a percentage point to 4.5%, marking its 12th consecutive rate rise. The BoE revised up its growth forecasts from gloomy numbers released in February, but it also now expects inflation to be slower to fall than it had hoped, mostly due…
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The Bank of England has raised interest rates for an 11th consecutive time to 4.25% following the surprise rise in inflation. The Monetary Policy Committee (MPC) voted for this change by a majority of 7-2, with the minority vote wishing to keep the rate at 4%. Commenting on the announcement Federation of Small Businesses (FSB)…
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The Bank of England has increased the base rate by 50 basis points to 4%, marking the tenth consecutive increase. The bank rate has continued to increase since December 2021, when it stood at just 0.25%. Commenting on the rise Richard Lane, Director of External Affairs & Operating Subsidiaries at StepChange Debt Charity, said “The…
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The Bank of England has raised interest rates from 1.75% to 2.25% – the highest level for 14 years and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September but it now believes it will shrink by 0.1%. The Bank of…
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New Google trends have indicated 400% rise in people searching for ‘interest rate’ according to research by Loan Corp. The company says that the rise in the search term comes after the Bank of England put it up in August to 1.75% to stop prices rising so fast and to bring down the rate of…
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With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5% to 1.75%, research from international audit, tax and advisory firm Mazars shows UK households face an immediate increase in interest payments of £1.67bn. Analysis of Bank of England data by Mazars shows UK households are currently paying £24.1 billion annually in…
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The Bank of England (BOE) has raised interest rates by 0.5 percentage points to 1.75%, the biggest rate rise in 14 years. The increase is the biggest increase in 27 years, with a prediction that inflation would hit 13% by the end of the year. It was the sixth consecutive raise and the biggest single…
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With the Bank of England (BoE) set to announce the biggest interest rate rise in 27 years this Thursday (4th August) new research by TotallyMoney and Moneycomms have analysed the potential shock the hike will have on 2 million variable-rate mortgage customers. The research found that the average UK property costing £270,708, with a 75%…
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Analysis of Bank of England data by Mazars shows UK households are currently paying £18.3 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by an interest rate rise. Thi includes floating-rate mortgages, credit card debt and other unsecured personal lending. Consumers will be hit by further rises…
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The Bank of England Monetary Policy Committee has raised rates to 1%, the highest in 13 years. The Bank also warned that the cost of living crisis could push the economy into recession this year. The Bank’s Monetary Policy Committee (MPC) voted to raise the base rate from 0.75% to 1%. Three of the nine-strong…
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