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Search resuls for: "Building Society"


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☆ UK house prices fall after 'mini-budget' turmoil - Nationwide
  + stars: | 2022-11-01 | by ( David Milliken | ) www.reuters.com   time to read: +2 min
[1/3] An estate agent's board is displayed outside a house on a terraced street in Blackburn, Britain, January 17, 2022. REUTERS/Phil NobleLONDON, Nov 1 (Reuters) - British house prices recorded their first monthly fall since July 2021 last month, mortgage lender Nationwide said on Tuesday, after the market was hit by turmoil during Prime Minister Liz Truss's short-lived premiership. Nationwide Building Society said house prices dropped 0.9% in October after being unchanged in September, while they are 7.2% higher than a year earlier, slowing from September's annual increase of 9.5%. "The market has undoubtedly been impacted by the turmoil following the mini-Budget, which led to a sharp rise in market interest rates," Nationwide chief economist Robert Gardner said. The monthly fall in house prices was the largest since June 2020, when the market was crimped by initial COVID-19 pandemic restrictions, while the annual rise was the weakest since April 2021.
☆ UK banks start cutting 'Truss premium' from mortgage rates, but slowly
  + stars: | 2022-10-27 | by ( Iain Withers Lawrence White | Iain Withers | Lawrence White | ) www.reuters.com   time to read: +5 min
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.
☆ 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.
☆ UK lenders pull mortgages at record rate as market chaos worsens
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 28 (Reuters) - A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to a plunge in sterling and a surge in government bond yields as concerns mounted over its ability to fund the plan. read moreGovernment bond yields influence the cost lenders have to pay to borrow money. "We are seeing lenders across the market withdraw rates as headlines around interest rates soaring to 6% have spooked both lenders and borrowers," said Karen Noye, mortgage expert at wealth management firm Quilter. "Rates that were available one hour are gone the next which is making it a tricky time for buyers."
☆ 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."
☆ Global rates, retail banking included in Bank of England stress test
  + stars: | 2022-09-26 | by ( ) www.reuters.com   time to read: +2 min
A general view of the Bank of England (BoE) building, the BoE confirmed to raise interest rates to 1.75%, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File PhotoLONDON, Sept 26 (Reuters) - Banks' ability to cope with rising global interest rates and the resilience of their retail divisions to market shocks will be under scrutiny in this year's "stress test", the Bank of England said on Monday. It will test "ring-fenced" retail arms of banks on a standalone basis for the first time, the BoE said. There will be a separate stress test of misconduct costs. The test has no pass or fail mark but a bespoke "hurdle" for each bank.
☆ 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.
☆ 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.
☆ Bank of Ireland returns to full private ownership
  + stars: | 2022-09-23 | by ( ) www.reuters.com   time to read: +2 min
A man passes a logo for the Bank of Ireland as he leaves the bank in Dublin May 28, 2007. REUTERS/Luke MacGregor (IRELAND)DUBLIN, Sept 23 (Reuters) - Bank of Ireland (BIRG.I) became the first Irish lender to return to full private ownership since the aftermath of the 2008-09 global financial crisis after the government said on Friday that it had sold the last of its shares. Bank of Ireland, the country's largest bank by assets, was the only lender to avoid majority state ownership and the only one on which the government has made a profit on its investment so far. It earned approximately 841 million euros since it began the gradual sale of the state's residual 13.9% shareholding in Bank of Ireland in August 2021. "The gradual disposal of the state's investment in Bank of Ireland into a rising market has been successful in delivering on this objective for our citizens."
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