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☆ UK extends support for high loan-to-value mortgages
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +2 min

The Mortgage Guarantee Scheme was launched in April 2021 and had been due to stop at the end of this year but instead will continue until the end of 2023. The extension comes as lenders report falling house prices in the face of rising mortgage interest rates and a squeeze on buyers' disposable income. Last week mortgage lender Halifax forecast house prices would drop 8% next year, and in November it recorded the largest monthly drop in house prices since 2008. Under the mortgage guarantee scheme, the government receives a fee from lenders in exchange for covering almost all the extra risk of a 95% loan-to-value mortgage, compared to one that is made at 80% loan-to-value. The mortgage guarantee scheme can be used to finance house purchases costing up to 600,000 pounds ($731,000).

☆ Sunak scraps Energy Supply Taskforce introduced by Truss- Sky News
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: 1 min

Halifax says UK house prices set to fall next year by around 8%, article with imageUnited Kingdom category · December 16, 2022Mortgage lender Halifax said on Friday it expected British house prices to fall next year by around 8% as the increasing cost of living put more pressure on household finances and rising interest rates continued to push up mortgage costs.

☆ UK lenders see 23% slide in mortgages for home-buyers in 2023
▼ + stars: | 2022-12-12 | by ( David Milliken | ) www.reuters.com time to read: +2 min

Trade body UK Finance forecast on Monday that gross mortgage lending for house purchase would fall to 131 billion pounds ($161 billion) in 2023 from 171 billion pounds this year and a peak of 189 billion pounds in 2021, when pandemic-related tax incentives were in force. "Amid challenging times for the UK economy, we expect cost of living pressures and rising interest rates to reduce demand for house purchases," it said. Recent weeks have brought growing signs that British house prices are starting to drop in the face of an incipient recession and higher interest rates. UK Finance noted that many home-owners who bought properties with two-year fixed-rate mortgages last year would soon have to pay much higher interest rates. Last week mortgage lender Halifax reported a 2.3% decline in house prices for November, the largest monthly drop in its data since 2008 and one which reduced the annual house price rise to 4.7% from 8.2%.

☆ A 'California girl' settled down in a remote Canadian city with her husband. They were finally able to buy a home and have a slice of the American dream.
▼ + stars: | 2022-12-09 | by ( Bill Murphy Jr. | ) www.businessinsider.com time to read: +9 min

Erin Ventura had no intention of leaving Los Angeles — until she met her Canadian husband, Justin Chiang. Erin Ventura grew up in Los Angeles, and she describes herself as "a California girl" through and through. But since Chiang was a Canadian citizen and Ventura was American, they had to choose which country to live in. Ventura said her husband was making a bit over 60,000 Canadian dollars a year playing in the military band. But I think in this case it's more of a 'big city, small city' kind of thing.

☆ UK sees most widespread house price falls since May 2020: RICS
▼ + stars: | 2022-12-08 | by ( David Milliken | ) www.reuters.com time to read: +2 min

The Royal Institution of Chartered Surveyors (RICS) said that its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - sank to -25 in November. Price falls were particularly common in southeast and southwest England, while prices continued to rise modestly in Scotland and Northern Ireland. The RICS survey matches other measures of house price weakness from British mortgage lenders. Halifax reported on Wednesday that house prices recorded their biggest monthly drop since 2008 in November, falling by 2.8%, while Nationwide measured its biggest fall since June 2020. A Reuters poll of economists and property market analysts last month forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.

☆ Morning Bid: Hat-trick
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

For the euro zone, commentary by officials is hinting at a peak in rates but anaemic growth and stubbornly high inflation are haunting investors. ECB policymaker Constantinos Herodotou said on Tuesday that interest rates will go up again but are now "very near" their neutral level. Markets will focus on industrial output data due from Germany, while euro zone third-quarter GDP and employment numbers, and UK house prices are among the other economic indicators for the day. Euro zone government bond yields dropped for the first time in three days on Tuesday in the run-up to a raft of major central bank decisions next week. The central bank has made conservative estimates on inflation despite Russia cutting gas supplies to Europe in response to Western sanctions over its invasion of Ukraine.

☆ UK's FTSE boosted higher by healthcare sector
▼ + stars: | 2022-12-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 rose 0.1%, FTSE 250 falls 0.2%GSK escapes U.S. lawsuit on Zantac allegationsMoonpig drops to bottom of FTMCDec 7 (Reuters) - UK's export-oriented FTSE 100 climbed on Wednesday as the healthcare sector was boosted by shares of GSK after the drugmaker escaped U.S. lawsuits over its heartburn drug Zantac. The blue-chip FTSE 100 (.FTSE) edged 0.1% higher by 0930 GMT. The pharmaceutical sector (.FTNMX201030) rose 3.3% in its biggest one-day percentage gain since late February. A nearly 10% jump in shares of GSK Plc (GSK.L) boosted the index after the drugmaker was spared thousands of U.S. lawsuits claiming that Zantac caused cancer. The real estate sector (.FTUB3510) fell 0.2% and is down 34% year-to-date and is heading towards its biggest fall since 2008.

☆ UK house prices show biggest drop since 2008: Halifax
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - British house prices slid last month by the most since the global financial crisis as the slowdown in the housing market intensified, mortgage lender Halifax said on Wednesday. House prices fell 2.3% month-on-month in November, the biggest drop since October 2008 and following a 0.4% decline in October. Other gauges of house prices have also pointed to a slowdown underway, with household budgets squeezed by soaring inflation and rising borrowing costs. Halifax said the month-on-month drop "reflects the worst of the market volatility over recent months". A Reuters poll of economists and property market analysts last week forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.

[1/2] British Chancellor of the Exchequer Jeremy Hunt talks to a television crew outside the BBC headquarters in London, Britain November 18, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Dec 7 (Reuters) - Britain's financial watchdog laid out options on Wednesday it said banks should offer customers finding it difficult to make payments on mortgages during the cost of living crisis. Prices slid last month by the most since the global financial crisis, mortgage lender Halifax said on Wednesday. In its draft guidance, the FCA also said firms may offer payment concessions where they agree to accept less than the contractual monthly instalment - resulting in a payment shortfall. "We will consider if there are further steps we can take to help firms to support their borrowers, including at scale."

☆ Fact Check-Country singer Jake Flint’s death not caused by COVID vaccine
▼ + stars: | 2022-12-06 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Representatives for country music singer Jake Flint said the singer did not die due to complications from the COVID-19 vaccine, contrary to false claims shared by social media users online. “I can verify from them, and from my own personal knowledge, that Jake Flint’s sudden and tragic death was not related in any way to the COVID-19 vaccine,” Clif Dolay, publicist for Flint, told Reuters via email. On April 21, 2021, Flint had posted his COVID-19 vaccination card on his Instagram account (here) with the text: “Fully Vaxed to the max and ready to make some tracks to Halifax or wherever else. There is no evidence that country music singer Jake Flint died due to the COVID-19 vaccine. His publicist said that his death was unrelated to the vaccine.

☆ Ukraine says will look into video allegedly showing its soldiers shooting Russians
▼ + stars: | 2022-11-21 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

“HRMMU is aware of the video and is looking into it,” it said in a statement to The Associated Press. “We have received credible allegations of summary executions of persons hors de combat, and several cases of torture and ill-treatment, reportedly committed by members of the Ukrainian armed forces,” Bogner said. Ukrainian forces often wear bits of yellow, blue or green to identify themselves on the battlefields. At least two other armed men wearing glimpses of yellow also appear to be watching the apparent surrender. Ukrainian forces claimed to have regained control of the front-line village earlier this month.

☆ Morning Bid: Markets defy COVID blues
▼ + stars: | 2022-11-07 | by ( Clyde Russell | ) www.reuters.com time to read: +2 min

Elsewhere, The Guardian reported that British Finance Minister Jeremy Hunt is set to outline up to 60 billion pounds of tax rises and spending cuts next week, including at least 35 billion pounds ($39.56 billion) in cuts in the backdrop of the Bank of England's recession warning. Stock markets in the region chalked up gains across-the-board, underpinning Friday's rise in global shares after jobs data came in stronger than expected but also hinted at some slack in the tight American labor market. And staying on what the world's richest man is up to, Elon Musk laid out Twitter's mission, sparking debate on content accuracy. Twitter also updated its app to begin charging $8 for its sought-after blue check verification marks as it seeks to shore up revenue. China stocksReuters Graphics Reuters GraphicsKey developments that could influence markets on Monday:Economic data: Germany Sep industrial output, UK Halifax Oct house prices, Euro zone Oct PMISpeakers: ECB Board member Fabio Panetta speaksEuropean earnings: RyanairReporting by Anshuman DagaOur Standards: The Thomson Reuters Trust Principles.

☆ 'Mini-budget' fallout hits UK house prices in October - Halifax
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 7 (Reuters) - British house prices fell in October at the fastest monthly rate since February 2021, a fresh sign of weakness in the housing market that reflects the fallout from the September "mini-budget", mortgage lender Halifax said on Monday. House prices dropped 0.4% month-on-month last month, after a 0.1% fall in September, Halifax said. "While a post-pandemic slowdown was expected, there’s no doubt the housing market received a significant shock as a result of the mini-budget which saw a sudden acceleration in mortgage rate increases," said Kim Kinnaird, director of Halifax Mortgages. In annual terms, house prices were 8.3% higher in October, slowing from 9.8% in September. Reporting by Andy Bruce; editing by James DaveyOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling rises but gloomy economic outlook remains in focus
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +3 min

At 1000 GMT, the pound was up 0.61% against the dollar at $1.14405, and 0.35% higher versus the euro at 87.260 pence per euro. But analysts remain gloomy about the prospects for the currency given the economic outlook. "The combination of a highly concerning economic outlook and a forced dovish repricing in rate expectations look set to keep the pound rather unattractive," ING analysts wrote in a note. Quarterly GDP growth figures on Friday will also provide an important signal for the state of the UK economy. Reporting by Lucy Raitano; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Miners, energy stocks drag FTSE 100 as China upholds COVID policy
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.5%, FTSE 250 off 0.1%Nov 7 (Reuters) - UK's export-oriented FTSE 100 started the week on a lacklustre note, dragged down by energy and mining stocks, as China dampened hopes of a rebound in commodity demand after it reiterated its zero-COVID policy to curb outbreaks. The blue-chip FTSE 100 (.FTSE) fell 0.5% on Monday, while the mid-cap FTSE 250 (.FTMC) was down 0.1% by 0808 GMT. Energy stocks (.FTNMX601010) and miners (.FTNMX551030) were off 1.1% and 0.2%, respectively, tracking commodity prices that were hit as stringent COVID-19 curbs darkened demand outlook from China. METL/Mortgage lender Halifax said British house prices fell in October at the fastest monthly rate since February 2021. Reporting by Johann M Cherian in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ USDA announces $759M for high-speed internet in rural areas
▼ + stars: | 2022-10-27 | by ( Associated Press | ) www.nbcnews.com time to read: +2 min

The U.S. Department of Agriculture is making available $759 million in grants and loans to enable rural communities to access high-speed internet, part of the broader $65 billion push for high-speed connectivity from last year’s infrastructure law. Agriculture Secretary Tom Vilsack and White House senior adviser Mitch Landrieu are unveiling the grants in North Carolina on Thursday. “Rural communities are the backbone of our nation, but for too long they’ve been left behind and they have been underrecognized,” Landrieu said. That’s just beyond unacceptable that that’s not available to rural America.”Vilsack said he and Landrieu will “learn firsthand” from people in North Carolina about the opportunities internet access can create. They plan to meet with state and local officials including North Carolina Gov.

LONDON, Oct 27 (Reuters) - Having hiked mortgage rates after political turmoil drove up the cost of borrowing, British banks are now cutting home loan prices, albeit slowly, as markets calm since Liz Truss's government collapsed and Rishi Sunak took power. But as markets have stabilised and borrowing costs have fallen, the trickle of mortgage rate cuts has lagged behind. By contrast, average rates on two-year and five-year fixed-rate mortgages have fallen just 0.16 percentage points, Moneyfacts data shows. Reuters GraphicsFIXED RATESMortgage brokers say fixed-rate mortgage rates typically lag changes in swap rates, a trend which could be exacerbated this time as lenders focus on reintroducing products. Five-year mortgage rates have followed a similar pattern, Moneyfacts data shows.

TORONTO, Oct 26 (Reuters) - Immigrants' share of Canada's population has hit its highest point in the country's 150-year history and the biggest share among G7 countries, new data released by Statistics Canada showed on Wednesday. Twenty-three percent of Canadians were immigrants in 2021, according to the census, and Statistics Canada projects that between 29% and 34% of the population will be immigrants by 2041. India, the Philippines and China were the top three countries respectively for recent immigrants to Canada, according to the census. Newcomers have become the primary driver of Canada’s population growth and the country's economic engine in the context of an aging population. From 2016 to 2021, immigrants accounted for four-fifths of Canada's labour market growth, Statistics Canada said.

☆ UK house price growth slows to weakest since July 2020 - RICS
▼ + stars: | 2022-10-12 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

The RICS house price balance - measuring the difference between the percentage of surveyors reporting price rises and those seeing a fall - fell sharply to +32 in September from +51 in August, signalling a slowdown in price growth. "Looking further out, the picture portrayed by the RICS survey has clearly shifted in a negative direction," he added. After booming during and after the COVID-19 lockdowns as home-owners sought bigger properties, Britain's housing market has cooled recently. Rival lender Nationwide says British house prices failed to rise in monthly terms for the first time since July 2021 in September. A recent cut to Britain's stamp duty tax on property purchases, part of finance minister Kwasi Kwarteng's package of tax cuts, was set to be outweighed by the rise in mortgage costs, RICS said.

☆ Record number of UK mortgage deals pulled in one day as market mayhem takes hold
▼ + stars: | 2022-09-28 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. LONDON – Hundreds of residential mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about base rates rising as high as 6% next year. Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. HSBC and Santander are the latest major U.K. lenders to pause their mortgage product offering, while NatWest repriced their products, increasing rates. Earlier in the week, Virgin Money, Halifax and Skipton Building Society temporarily pulled some of their mortgage deals citing market developments.

☆ The fallout from the pound's crash prompts UK banks to pull mortgage deals as they brace for interest rate hikes
▼ + stars: | 2022-09-27 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Several UK lenders have pulled mortgage deals as they expect interest rates to rise, reports said. Halifax, Virgin Money and Skipton Building Society are among the lenders withdrawing deals, per reports. This is so we can reprice following the market response over recent days," Skipton Building Society told Insider. Several smaller mortgage providers — Clydesdale Bank, Scottish Building Society, Paragon, Leek United Building Society, Skipton Building Society and The Nottingham for Intermediaries — have pulled some deals for now, the Telegraph reported. Mortgage lenders told Insider they will monitor the situation closely, and some plan to launch new product ranges soon.

☆ UK lenders halt mortgage deals to customers after market chaos
▼ + stars: | 2022-09-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +3 min

Oli Scarff | Getty Images News | Getty ImagesLONDON - U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. Virgin Money and Skipton Building Society temporarily paused mortgage offers for new customers, while Halifax — owned by the Lloyds Banking Group — is planning to halt any mortgage products with fees where lower interest rates are usually offered. Skipton Building Society said they had paused their products in order to "reprice following the market response over recent days." Markets have begun pricing in a base rate rise to as high as 6% for next year, from 2.25% currently, raising concerns among mortgage lenders and borrowers. "Households refinancing a two-year fixed rate mortgage in the first half of next year will see monthly repayments jump to about £1,490 early next year, from £863 when they took on the mortgage two years prior."

☆ UK mortgage borrowers are in for a nasty shock from soaring rates
▼ + stars: | 2022-09-27 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN Business —Millions of mortgage borrowers in the United Kingdom are bracing themselves for huge hikes to their monthly payments as a consequence of the run on the pound. Markets had already been expecting the central bank to raise interest rates to 4.75% by next spring. There are 9 million outstanding residential mortgages in the United Kingdom, according to UK Finance, an association of banks and financial services firms. About 20% of those loans are tracker, or variable rate products, that typically become more expensive when the central bank hikes rates. Halifax, owned by Lloyds Bank (LLDTF), removed some of its mortgage products, while Virgin Money stopped taking mortgage applications from new customers until later this week.

☆ UK's Virgin Money, Skipton temporarily withdraw mortgage products - emails to brokers
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 26 (Reuters) - British lenders Virgin Money and Skipton Building Society on Monday temporarily withdrew their mortgage ranges for new customers because of the volatility in sterling funding markets, according to emails sent to brokers. "Following a number of changes in the market, we have made the decision to temporarily withdraw all our products for new customers at 8pm tonight," Virgin Money said in its email to brokers, seen by Reuters. "We continue to monitor the situation closely and currently plan to relaunch products for new customers towards the end of the week." Earlier on Monday, lender Halifax said it had withdrawn its mortgage products with arrangement fees. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andy Bruce; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Market chaos forces UK lenders to pull mortgage products
▼ + stars: | 2022-09-26 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

Brokers said the moves were likely just the start of a big shift in Britain's mortgage market. The country's largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products - where borrowers could pay an arrangement fee in exchange for a lower interest rate - and moving to a full fee-free range. "In response, we will be temporarily withdrawing our New Business Product Range with immediate effect." Virgin Money said its withdrawal of mortgage products for new customers would take place at 8 p.m. (1900 GMT). "That will feed into higher mortgage rates and, as always, it'll be the taxpayer left carrying the can," said Lewis Shaw, founder of broker Shaw Financial Services.

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