Tag: mortgages
30-Year Fixed Mortgages Above 7%: Mortgage Interest Rates on Feb. 7, 2024 – CNET
Economic Report: 14 million mortgages were refinanced during ‘pandemic boom.’ That makes life very difficult for home buyers.
: Fed rate hike: Here’s how much rates for credit cards, car loans and mortgages have jumped
A Chat with Stuart Cheetham, CEO at FinTech Mortgage Lender: MPowered Mortgages
MPowered Mortgages is a tech-first mortgage lender with a mortgage origination platform that harnesses the power of smart technology and…
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Brits are today braced for a ‘Groundhog Year’ of high taxes, energy bills and mortgages
FAMILIES are today braced for a “Groundhog Year” of high taxes, energy bills and mortgages as the cost of living crisis continues to rage in 2023.
Real-term incomes will slump an average £880 per household – making next year’s squeeze even worse than the past 12 months, economists warn.
Jeremy Hunt’s Autumn Statement will also pile an extra £700 in taxes onto the average household[/caption]
Gloomy projections by the Resolution Foundation think tank shows the country will be “swamped” by a blizzard of woes.
Their analysis shows Brits will be clobbered by a £900 energy bill hike as the Government’s support is scaled back.
Jeremy Hunt’s Autumn Statement will also pile an extra £700 in taxes onto the average household, they calculate.
Meanwhile two million families will be forced onto more expensive mortgages costing the average fixed-rate household an extra £3,000 a year.
And they warn the pain will be made worse by a drop in real wages well into 2024.
The various headwinds means typical household income will drop 3.8 per cent, bigger than the 3.3 per cent last year that saw incomes plummet by £800.
A YouGov survey of more than 10,000 adults found people are more than four times as likely to say their financial situation has got worse rather than better in 2022.
Meanwhile firms are finally managing to plug record vacancies that caused a staffing crisis.
Fresh support from the Government – including a £900 sum for eight million of the poorest families and a 10 per cent benefits rise – is set to cushion the blow.
The Resolution Foundation also reckons inflation will now come down after peaking at a busting 11.1 per cent in October, while wholesale energy prices are also falling.
But despite the glimmers of hope, the think tank warns the pain for families will not offset the “living standards headwinds” next year.
Chief Executive Torsten Bell said: “From a cost-of-living perspective, 2022 was a truly horrendous year – far worse than any year in the pandemic or financial crisis.
2023 should see the back of double-digit inflation, but it looks set to be a groundhog year for many families whose incomes look set to fall by just as much as they did in 2022.”
“For families’ living standards, things will get far worse in 2023 before they start to get better.”
A Treasury spokesman said: “Putin’s illegal war in Ukraine and the aftershocks of the pandemic are pushing up prices around the globe, and we know that is difficult for people here in the UK.
“That’s why tackling inflation is this government’s number one priority, with a plan to more than halve inflation next year.”
Mortgages, credit scores and down payments: 5 things to know before buying a home – CNET
I’m a property expert – Brits could be paying £3,500 more on their mortgages during ‘deep’ recession in just months
BRITS could be forced to cough up an extra £3,500 on their mortgages as the country spirals into a deep recession, a property expert has claimed.
Harry Hill, the founder of property giant Rightmove, said a recession could see mortgage rates soar “from £1,000 to £3,500 a month”.
Mr Hill – who sold estate agents Countrywide for an eye watering £1billion in 2007 – also revealed he is “nervous’ about a “potentially deep recession”.
Speaking to the Mail on Sunday the property tycoon said it was borrowers in “blue-collar working class areas” like Manchester and Darlington that will be most impacted by a crippling recession.
He explained: “The thought that these people are going to be less well off in the next 10, 15 or 20 months is not going to be good for any market, and certainly not the housing market.”
And he warned of “20 percent” reductions in house prices as the property market goes down “in every direction”.
Monthly mortgage repayments are set to double for many of Britain’s 1.8million homeowners who are due to refinance next year.
Mr Hill went on to explain how higher borrowing costs will likely encourage many of those with mortgages to put their properties on to the market, which would trigger a reduction in prices.
As the country falls face first into a recession – with a demise in trade, business and transactions – a collapse in house prices will “hurt people a lot”, he added.
But he stressed most homeowners are unlikely to end up in negative equity, when the value of a home is less than the price originally paid.
The National Institute of Economic and Social Research predicts 3.8million households will see their monthly mortgage repayments rise by an average of £400.
This is if interest rates, currently at 3 per cent, peak at 4.5 per cent in line with market expectations.
UK Gig Workers Face Financial Exclusion When Accessing Loans and Mortgages
New research finds that 76% of UK gig workers have struggled to gain approval to access financial products such as…
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