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The Latest Breaking News from UK Finance

Mortgage rates are falling but borrowers are still feeling the squeeze – a finance expert explains how to cut your repayments

Around 5 million households have seen their mortgage interest rate change since the Bank of England base rate started to rise in late 2021. Over the course of the 2023 alone, the base rate increased from 3.5% to 5.25%, surpassing economists’ expectations and pushing mortgage rates to the highest levels…

The Conversation

Squeeze on home buyers’ budgets set to continue into 2024, say experts

But potential cuts to interest rates, as well as lower house prices in some locations, could provide house hunters with new opportunities.

The Independent UK

Average asking price for home in UK drops by £7,000 in December

Prices usually decrease at this time of year but fall is greater than 20-year average owing to high mortgage rates, says Rightmove

The Guardian - UK

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Mortgage lending set to fall in 2024 as arrears grow – UK Finance

The outlook for next year was one of continuing challenges in the mortgage market, the trade association said.

The Independent UK

High house prices and mortgage rates squeeze affordability for lower earners

In 2021, 57% of first-time buyers had household incomes of less than £50,000, but by 2023 this proportion had fallen to 46%, UK Finance said.

The Independent UK

Parents warned about Black Friday scam ahead of huge shopping day

Only a quarter of parents said they always researched sellers before they buy on Black Friday

The Independent UK

Black Friday scam warning issued to parents

More than a quarter of parents said they have been tricked into a purchase scam, according to a survey.

The Independent UK

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44% of people ‘have hidden sales spending from their partner’

Men are more likely to have concealed sales purchases and are also more likely to say they suspect their partner of doing so, a survey indicates.

The Independent UK

Sharp rise in landlords and homeowners in mortgage arrears, data shows

Number of buy to let mortgages in arrears doubles in a year as amateur landlords struggle with interest rate rises

The Guardian - UK

Mortgage arrears jump as homeowners and landlords feel pressure from rate hikes

Some 87,930 homeowner mortgages were in arrears in the third quarter of 2023, 7% more than the previous quarter, UK Finance said.

The Independent UK

Banks’ performance in dealing with APP scam victims revealed by regulator

The Payment Systems Regulator said there are inconsistent outcomes for customers who report an APP scam to their bank or building society.

The Independent UK

UK consumers lose £580m to fraudsters in first half of 2023, figures reveal

‘Particularly nasty’ romance scams and ID theft among fastest growing categories with total of 1.4m cases recorded, says UK Finance

The Guardian - UK

Purchase and romance scams drive authorised fraud cases a fifth higher

Criminals stole £580 million through authorised and unauthorised fraud over the first six months of 2023, UK Finance revealed.

The Independent UK

How to get the best out of using a credit card

They are not for everyone but can reap rewards if handled in the right way

The Guardian - UK

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The Guardian - UK

Cash payments rise in UK as people seek ways to manage budgets

Number of payments using coins and notes rose 7% last year amid cost of living crisis, after a decade of decline

The Independent UK

Number of cash payments rises for first time in a decade

The number of payments made using physical cash increased by 7% last year, according to UK Finance.

The Independent UK

Almost half of young adults contacted by impersonation scammer – survey

Young people were confident they could spot a scam but only 27% said they always take steps to check if an organisation can be trusted.

The Independent UK

Record 88% of homeowner remortgage deals in April were with existing lender

Affordability constraints have affected some external remortgaging activity, with internal product transfers being more popular, UK Finance said.

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The Independent UK

What is money muling and why is it vital parents warn their children about the dangers?

All families need to be aware of money muling and the warning signs to look out for. By Vicky Shaw.

The Independent UK

Jump in homeowners and landlords falling into arrears on mortgages

Mortgages in arrears accounted for 0.93% of all homeowner mortgages outstanding and 0.44% of all buy-to-let mortgages in the second quarter of 2023.

The National (Scotland)

Bank of England rate hike adds £24 a month onto average tracker mortgage payment

Mortgage holders on tracker deals face nearly £24 per month being added to their payments, on average, following the latest Bank of England base…

The Independent UK

Interest rate hike adds £24 a month on to average tracker mortgage payment

The 0.25 percentage point rise will add on £23.71 on average to monthly tracker payments, adding up to nearly £285 per year.

The Independent UK

New campaign urges struggling mortgage borrowers to ‘reach out’ for help early

The Reach Out campaign has been launched by UK Finance.

The Independent UK

Blink and you’ll miss it: Why are some mortgage deals disappearing so quickly?

With the average ‘shelf-life’ of a mortgage dwindling, some borrowers say they’re missing out. By Vicky Shaw.

The Independent UK

Banks should be clearer on how customers can challenge account closures – Which?

The consumer group has offered some suggestions on what banking customers can do if they find their bank account has been closed.

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