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The Latest Breaking News from UK Finance

Home repossessions skyrocket as cost of living crisis deepens

Repossessions increased compared with the previous quarter for both homeowner and buy-to-let mortgaged properties, figures show

The Independent UK

Home repossessions jump 15 per cent in third quarter of 2022

Repossessions increased compared with the previous quarter for both homeowner and buy-to-let mortgaged properties.

Evening Standard

Home repossessions skyrocket as cost of living crisis deepens, report reveals

Repossessions increased compared with the previous quarter for both homeowner and buy-to-let mortgaged properties

The Independent UK

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‘Dysfunctional’ Companies House is facilitating fraud

Criticisms come at a Business, Energy and Industrial Strategy committee examining company registrations

Insider UK

Today's rate hike just added another £900 a year to a lot of people's mortgages

An average of £284 a month has been added since December 2021

Wales Online

Mortgage calculator - how much the interest rate rise will affect your monthly payments

The Bank of England has raised the base interest rate to 3 percent after the biggest rise in 33 years

Manchester Evening News

How will the UK interest rate hike affect you?

From loans to mortgages, house prices to credit cards – all you need to know about the biggest rate rise since 1989

The Guardian - UK

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£880 annual increase in tracker mortgage costs following latest base rate rise

Since December last year, the average monthly tracker mortgage payment has increased by around £3,410 per year, according to UK Finance figures.

The Independent UK

Stamp duty rebates ‘should be offered in return for home energy improvements’

Stamp duty should be used as a ‘fiscal lever’ to encourage energy efficiency measures, UK Finance suggested.

The Independent UK

Warning to people trying to earn extra money

Young people trying to earn extra cash are more at risk

Liverpool Echo

People looking to make extra cash as costs rise urged to ‘stay alert for fraud’

UK Finance said it was ‘important for everyone to be conscious of criminals taking advantage of people’s anxieties around finances’.

The Independent UK

Fraud ‘remains persistent threat to businesses, consumers and economic growth’

UK Finance said it is key that other sectors work with the industry to tackle the issue.

The Independent UK

Homeowners who lose job ‘may face initial lack of help with mortgage payments’

People may have already built up significant arrears before help starts and eventual payments may not cover their actual costs, Sir Steve Webb warned.

The Independent UK

Mortgage borrowers set to see bills climb higher amid concerns of emergency interest rate hike

A tracker mortgage is already about £210 per month more expensive on average than it was before base rate increases started last December.

Evening Standard

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Wales Online

Warning to everyone with a mortgage after Friday's announcement

A raft of tax cuts unveiled on Friday last week have prompted concerns

The Independent UK

Mortgage borrowers could see monthly bills climb higher

A tracker mortgage is already about £210 per month more expensive on average than it was before base rate increases started last December.

Wales Online

Average price of a home jumped £2,587 in September, says Rightmove

Asking price of property coming onto the market in the UK is now £367,760 with growth driven predominantly by middle and high-end market sectors

The Guardian - UK

What does the Bank’s interest rate rise mean for people’s finances?

From mortgages and the housing market to credit cards and loans, half-point increase will have an impact

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Wales Online

Energy bills could be more than mortgage payments next year, say experts

Disposable incomes will shrink significantly in the new year for many people as their utility bills continue to soar

The Independent UK

Energy bills could be higher than mortgage payments next year, say experts

Many people are set to see their disposable incomes shrink significantly in 2023 with utility bills catching up with mortgages.

The Independent UK

Cash use set to survive despite slump during pandemic – report

Use of cash is expected to drop to just 6% of payments by 2031, UK Finance said.

The Guardian - UK

UK cashless society a step closer as more than 23m people abandon coins

Report predicts cash will account for just 6% of payments within decade, prompting fears millions will be left behind

Wales Online

Number of homes being repossessed is rising in 'calm before the storm'

'This is the calm before the storm for the mortgage market'

The Independent UK

Rise in repossessions is calm before the storm in mortgage market, warn experts

Figures from UK Finance show mortgage arrears remain low, but Equifax said mortgages are often the last form of credit homeowners fall behind on.

The Independent UK

Interest rates: What will the Bank of England increase mean for mortgages and house prices?

The two million people with variable rate mortgages are particularly vulnerable to the rise in interest rates, while first-time buyers are expected to find it more of a struggle to get on the property ladder

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