Credit, collections & insolvency news
New research from Mind has found that almost a third (29 per cent) of people (almost 14 million) in England and Wales have been affected by hearing about or experiencing increasing mortgage costs over the last year. One in ten (10 per cent) said that it had affected their mental health a lot. The figures come…
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Mortgage payments will rise by at least £500 a month for nearly one million households by the end of 2026, according to the latest Financial Stability Report from the Bank of England. (BoE) Housholds on fixed deals who remortgage by the end of 2026 will see a sharp jump in costs of at least £6,000…
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The average rate on a two-year fixed-rate mortgage has now reached 6.07%, according to Moneyfacts, the first time the average rate has breached the 6% mark since November 2008. The impact in the financial markets following the Government’s mini-Budget saw lenders withdraw a record number of deals, but some banks and building societies are now…
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As a reflection of long-term fixed-rate mortgages rising in popularity during the cost-of-living crisis, almost a third (32%) of homeowners coming to the end of their fixed term within the next three years will only consider remortgaging to a long-term fixed rate deal, according to new research by Comparethemarket. Traditionally, a two-year fixed rate deal…
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