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Guardian - UK September Mortgage Approvals Down   Green Tick

  (31/10/2023) The Guardian

UK mortgage approvals slumped in September amid mounting signs of stress in the property market, according to official figures before the Bank of England’s next decision on interest rates on Thursday. Figures from the central bank showed net borrowing of mortgage debt decreased from £1.1bn in August to a net repayment of £900m in September – the lowest since April this year. Reflecting the impact of the sharpest rise in borrowing costs in decades, net remortgaging approvals collapsed to 20,600 – the lowest level since January 1999 – as more people stayed with their existing lender, or paid off their debts where they were able to do so. Experts give their opinions: https://www.theguardian.com/business/2023/oct/30/uk-mortgage-approvals-interest-rates-property-market

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Guardian Newspaper Website - UK mortgage approvals slump before interest rates decision   Green Tick

  (30/10/2023) The Guardian

UK mortgage approvals slumped in September amid mounting signs of stress in the property market, according to official figures before the Bank of England’s next decision on interest rates on Thursday. Figures from the central bank showed net borrowing of mortgage debt decreased from £1.1bn in August to a net repayment of £900m in September – the lowest since April this year. Reflecting the impact of the sharpest rise in borrowing costs in decades, net remortgaging approvals collapsed to 20,600 – the lowest level since January 1999 – as more people stayed with their existing lender, or paid off their debts where they were able to do so. Experts give their opinions: https://www.theguardian.com/business/2023/oct/30/uk-mortgage-approvals-interest-rates-property-market

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The Guardian - How to survive UK mortgage turmoil as rates go up and deals are pulled   Green Tick

  (11/03/2024) HSBC, The Guardian

How to survive UK mortgage turmoil as rates go up and deals are pulled Homebuyers have to try to navigate their way to an affordable deal with no help in the budget to ease the pain. The average mortgage rate that UK homeowners are paying is set to rise steadily over the next three years, and peak at 4.2% in 2027, according to an official prediction last week. The Office for Budget Responsibility (OBR), the Treasury’s tax and spending watchdog, says this is significantly higher than the 2% figure just over two years ago. It is the latest frustrating news for homeowners, and would-be first-time buyers, following chancellor Jeremy Hunt’s budget, which offered no relief for most – there was not a single mention of the word “mortgage” in either his speech or the main budget document.was not a single mention of the word “mortgage” in either his speech or the main budget document. The OBR forecast coincided with a string of lenders, including Barclays and HSBC, increasing rates on many new products or pulling deals. Experts Discuss: https://www.theguardian.com/money/2024/mar/11/how-to-survive-mortgage-turmoil-as-rates-go-up-and-deals-are-pulled

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