The ripple effect from the withdrawal of mortgage products continues to make itself felt across the market.
Read MoreProperty Fallout Spreads as Borrowing Costs Jump
Category: Finance
NatWest Raises Mortgage Rates in Line With its Rivals
Most of its rates, which previously hovered around 3-4%, are set to rise to between 4% and 6% from Monday, bringing it in line with its competitors.
Read MoreExperts Warn That 45% Tax U-turn is Too Late to Stop Mortgages Soaring
More than 40% of mortgage products were pulled after Kwasi Kwarteng’s mini-Budget triggered a slump in the pound, with the average two-year fixed rate now close to 6%
Read MoreUK Financial Chaos: A Survival Guide For Your Mortgage, Savings & Energy
Hundreds of mortgage deals have been withdrawn from sale over the last few days, with lenders’ systems crashing as large numbers of worried borrowers and advisers logged on and tried to get through on the phone.
Read MoreNatWest to increase rates on existing customer product range
One of the biggest rate increases see the 85% loan to value (LTV) two-year fixed rate switcher – high value residential product with a £1,495 going up by 30 basis points to 4.03%.
Read MoreInterest Rate Rises Likely Despite Energy Bill Freeze Says Bank of England
Chief economist Pill says action will be needed to bring down inflation over longer term.
The Bank of England’s chief economist said on Wednesday that plans by Liz Truss for a freeze in energy bills for households and businesses was likely to force the central bank to raise interest rates despite bringing down the rate of inflation in the months ahead.
Read MoreHow to Get the Best Mortgage Rates as UK Interest Rates Continue to Creep Higher
Many who don’t have fixed-rate mortgages or whose deals are ending now finding their bills rising rapidly as a result of higher interest rates.
With more rate rises on the table for the rest of the year, now is a good time for homeowners to find a new deal, and for house-seekers to lock down a decent rate.
Read MoreNatWest updates lending policy to change LTI parameters
For capital and interest mortgages up to 75% loan-to-value (LTV), NatWest has increased its maximum LTI multiple to 5.5x income for a single applicant earning over £75,000 or joint applicants earning more than £100,000 combined.
Read MoreWill the BoE hike rates to 4% by the end of the year?
The BoE is falling behind and it might need to hike rates between 3% and 4% by the end of the year.
Currently, many experts expect inflation to peak at around 13% this autumn. However, given it’s already outpaced forecasts, some suggest it’ll be 15% in early 2023.
Read MoreWhat will happen to energy bills and mortgages? Upcoming dates to be aware of
Prices are shooting up and millions of people are starting to feel the effects.
The new energy price cap has been announced, but there’s more to come as we head into autumn. Here are some of the key dates and events in the coming weeks that are almost certain to mean more belt-tightening.
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