Higher mortgage rates have been a thorn in the side of homeowners for almost two years. According to Moneyfacts, the average interest rate on five-year fixed-rate mortgages is still above 5%, while the interest rate on two-year fixed-rate mortgages is closer to 6%. That’s a lot lower than the 2.5% averages we saw at the … Read more
Three more mortgage lenders have announced that they will be lowering mortgage rates, marking a new shift towards lower mortgage costs. Barclays, HSBC and Yorkshire Building Society have all cut their rates, after Santander and Halifax earlier this week. Yorkshire BS has reduced its mortgage interest rate by up to 0.2 percentage points. Drop: HSBC … Read more
The amount of mortgage arrears has risen by 44.5 percent in the first three months of this year as homeowners struggle with higher interest rates, Bank of England data shows. Outstanding payment arrears rose to £21.3 billion, up 4.2 per cent on the last three months of 2023 and up 44.5 per cent on the … Read more