Is the UK on the edge of a mortgage market meltdown? | Business

A 50 bps rise in the Bank of England base rate to 5% on Thursday, twice the expected 25 bps rise and the 13th hike in a row, is likely to test that confidence, however, especially as consumers are already struggling with stubbornly high prices for food, fuel and essential services.

A run of data showing stickier-than-expected UK inflation has led markets to bet that BoE rates will stay higher and for longer. This has been reflected in swap markets. Of around 9 million outstanding residential mortgages, 800,000 are due to come off fixed-rate deals in the second half of 2023, data from trade industry group UK Finance shows. A further 1.6 million households will come off fixed rates in 2024.

There are signs cash-strapped Britons are turning to higher cost, unsecured credit to make ends meet, with 343.8 million credit card transactions recorded in March - 4.9% higher than in March 2022, UK Finance data showed. Hunt has said the government will not offer significant financial help and that mortgage lenders must live up to their commitments to help borrowers struggling with higher interest rates.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

MTN demands extraordinary meeting amid battle with NYSE-listed IHS | BusinessAfrica's largest mobile operator, MTN, has called for an extraordinary shareholders' meeting of New York-listed IHS Towers as it battles the group's board over voting rights. | News24_Business
Fuente: News24 - 🏆 4. / 80 Leer más »

Already-downsized SA companies may not be able to cut more jobs amid economic storm | BusinessSomething has to give: businesses are struggling amid load shedding, rocketing input costs and aggressive rate hikes – while demand for their products and services is faltering in a weak economy. | News24_Business
Fuente: News24 - 🏆 4. / 80 Leer más »

First SABC CEO to complete full term in 15 years steps down | BusinessSABC group CEO Madoda Mxakwe is leaving his position at the end of June, making him the first person to complete a full five-year contract at the helm of the troubled broadcaster in 15 years. | News24_Business
Fuente: News24 - 🏆 4. / 80 Leer más »

JUST IN | Inflation slows to 13-month low as food prices cool down | BusinessMay's annual consumer price inflation slowed to 6.3% from 6.8% in April, with food prices finally cooling. | News24_Business
Fuente: News24 - 🏆 4. / 80 Leer más »

ITWeb | Business Technology News and Information Site
Fuente: ITWeb - 🏆 45. / 51 Leer más »