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BoE - 1 Banks - 1 Nicholas Mendes - 1 John Charcol - 1 Mendes - 1 Jeremy Hunt - 1 Hunt - 1 Roger Gewolb - 1
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☆ Is Britain on the edge of a mortgage market meltdown?
  + stars: | 2023-06-22 | by ( Sinead Cruise Iain Withers | Sinead Cruise | Iain Withers | ) www.reuters.com   time to read: +6 min
WHY HAVE UK MORTGAGE RATES SOARED? There are two main types of mortgage rate - variable and fixed. Fixed rate mortgages lock in a particular interest rate upfront, usually for a period of two to five years. Banks say they have to reflect these market moves to avoid pricing mortgages at a loss. Critics say banks could do much more, particularly as they have passed rate rises through to savers much more slowly than mortgage rates have risen.
Persons: BoE, Banks, Nicholas Mendes, John Charcol, Mendes, Jeremy Hunt, Hunt, Roger Gewolb, Sinead Cruise, Iain Withers, Catherine Evans Organizations: Soaring, Bank of, WHO, Finance, ASK, Labour, Fair Finance, Reuters, Thomson Locations: Britain, Bank of England, States
☆ Congolese artist paints politicians' portraits in plastic
  + stars: | 2023-01-05 | by ( Crispin Kyala | ) www.reuters.com   time to read: +2 min
[1/4] Congolese artist Patrick Cikuru Cirimwami applies finishing touches on portrait images of Congolese leaders, made from plastic waste, which he melts after collecting it near the banks of the Ruzizi I hydroelectric plant, in Bukavu, eastern Democratic Republic of Congo December 15, 2022. REUTERS/Crispin KyalangalilwaBUKAVU, Democratic Republic of Congo, Jan 5 (Reuters) - Near the banks of Lake Kivu in eastern Democratic Republic of Congo, artist Patrick Cikuru Cirimwami wades knee-deep through a mountain of plastic bottles, scooping as many as he can carry into a large sack. Later he will melt down the plastic to make a thick liquid which he uses to paint portraits of politicians - intended to be a condemnation of what he says is their inaction in protecting the environment. As a Congolese artist, I can send a message," said the 26-year-old. Congo, like other African nations, has insisted on its right to develop its economy by exploiting its vast natural resources.
☆ UK housing market may face perfect storm as mortgage rates rise, house prices drop
  + stars: | 2022-09-28 | by ( Andy Bruce Sinead Cruise Carolyn Cohn | Andy Bruce | Sinead Cruise | ) www.reuters.com   time to read: +6 min
"The mortgage crisis is going to be bigger than energy now," said Richard Murphy, professor of accounting practice at Sheffield University, warning of a drop in house prices that could leave many with debt greater than the value of their home. This comes on top of a cost of living crisis driven by rising food and energy prices which is already biting many hard. CALL FOR CALMBeyond the immediate squeeze this will have on consumers' ability to spend, rising borrowing costs also have the potential to send the years-long house market rally into reverse: HSBC analysts predict house price falls of 7.5% into next year. Some top mortgage lenders are calling for calm, stressing they are still signing mortgage deals and that the pullback in lending among smaller rivals is in no way indicative of a broader, exodus of lenders from the mortgage market. Chris Huddleston, chief executive of international brokerage company FXD Capital, said he expected the mortgage market to remain in limbo in coming weeks as investors watch currency markets and how the Bank of England reacts.
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