UK banks and lenders suspend offering new mortgages amid market turmoil
1–10 of 54 posts
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#2Title reads like all banks have ceased trading mortgages, which is ludicrous. here's a BBC article with a more reasonable title:
https://www.bbc.co.uk/news/business-63041679
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#3Misleading title. A couple of mortgage lenders have temporarily paused some of their products because of uncertainty about interest rates in the short term.
BofE is holding fast on interest rates despite tremendous pressure to put them up to protect the pound. Many predict they will give in and raise them.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#4Misleading title. A couple of mortgage lenders have temporarily paused some of their products because of uncertainty about interest rates in the short term. BofE is holding fast on interest rates despite tremendous pressure to put them up to protect the pound. Many predict they will give in and raise them.
They're probably avoiding an immediate kneejerk emergency raise, which would look like they're panicking. If they wait a little bit before they raise, it'll look more calm and considered which should give the market more confidence.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#5I imagine it’ll nix all fixed rates for a good lot of years.
There’s a lot of people that are going to be really hurt in the UK this winter. Many will lose their homes, even those that are renting (who probably won’t see it coming).
It’s all well and good to smugly say “you should have understood what you were signing up for” but that doesn’t help people in this situation or their families.
It was already becoming impossible for many people to get by with the fuel increases, a lot of people are going to be pushed over the edge before January.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#6Title reads like all banks have ceased trading mortgages, which is ludicrous. here's a BBC article with a more reasonable title: https://www.bbc.co.uk/news/business-63041679
A more reasonable title but also no mention of the fact that currencies elswhere are also under pressure.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#7I imagine it’ll nix all fixed rates for a good lot of years. There’s a lot of people that are going to be really hurt in the UK this winter. Many will lose their homes, even those that are renting (who probably won’t see it coming). It’s all well and good to smugly say “you should have understood what you were signing up for” but that doesn’t help people in this situation or their families. It was already becoming im…
I’m sorry but I just don’t see how “many will lose their homes”. Mortgage companies are ruthless but not in the business of turfing out families that legitimately cannot afford their repayments.
Evicting people is risky long winded and generally speaking their last option.
Unless you've got some data to back up what you are saying in which case I’ll shut up.
Edit: Lots of replies saying "but they're not charities etc...". Of course I respect that. I also respect that not all lenders are created equal. If you miss a payment to the mafia you're going to get a different reaction than say to Lloyds bank.
I'm referring to your typical UK high street lender. They will not hoof you out of your house if you miss or under pay on one or two payments. Of course, if you do not engage with them and setup a repayment plan - then they will of course take further action.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#8I imagine it’ll nix all fixed rates for a good lot of years. There’s a lot of people that are going to be really hurt in the UK this winter. Many will lose their homes, even those that are renting (who probably won’t see it coming). It’s all well and good to smugly say “you should have understood what you were signing up for” but that doesn’t help people in this situation or their families. It was already becoming im…
How do you predict those that are renting (you mean tenants right?) to be affected?
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#9Misleading title. A couple of mortgage lenders have temporarily paused some of their products because of uncertainty about interest rates in the short term. BofE is holding fast on interest rates despite tremendous pressure to put them up to protect the pound. Many predict they will give in and raise them.
They're probably avoiding an immediate kneejerk emergency raise, which would look like they're panicking. If they wait a little bit before they raise, it'll look more calm and considered which should give the market more confidence.
Time is a factor here, too. The longer they wait the harder it’ll be to get it back under control - which may not even be possible at this stage, given that they’ve grossly underestimated the scale of the problem at every step.
The thing that really worries me is that most people don’t understand how any of this works and are still worried about fuel costs. They have no idea that a further (minimum) 1.5% hike is imminent, and those worst affected (renters/trackers) won’t know that they’re the ones who’ll get wiped out by it.
A freeze on rent increases (like the fuel cap) might be needed, but good luck getting this government to agree to that.
Edit: as I think about it a rent freeze would be great for shaking the exploitation out of the housing market too.
Re: UK banks and lenders suspend offering new mortgages amid market turmoil
#10I imagine it’ll nix all fixed rates for a good lot of years. There’s a lot of people that are going to be really hurt in the UK this winter. Many will lose their homes, even those that are renting (who probably won’t see it coming). It’s all well and good to smugly say “you should have understood what you were signing up for” but that doesn’t help people in this situation or their families. It was already becoming im…
Interest rates have been considerably higher in the past though. What is different now is that people have gotten used to an endless supply of cheap credit and thinking they are well off so long as the monthly payments can be maintained.
Also, the social media pressure to have the apperance of a perfect life doesn't help.