{"id":137420,"date":"2023-06-18T15:01:37","date_gmt":"2023-06-18T08:01:37","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/millions-are-facing-soaring-mortgage-rates-how-did-we-leave-them-so-vulnerable-will-hutton\/"},"modified":"2023-06-18T15:08:42","modified_gmt":"2023-06-18T08:08:42","slug":"millions-are-facing-soaring-mortgage-rates-how-did-we-leave-them-so-vulnerable-will-hutton","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/millions-are-facing-soaring-mortgage-rates-how-did-we-leave-them-so-vulnerable-will-hutton\/","title":{"rendered":"Millions are facing soaring mortgage rates. How did we leave them so vulnerable? | Will Hutton"},"content":{"rendered":"


\nHomeowners in Britain are especially at risk because of a shortage of long-term loans. The sooner the Bank of England acts to fix this the betterThere is a cross-party consensus that Britain as a property-owning democracy should promote home ownership. To that end, 7.5 million people hold a record \u00a31.7tn of mortgage debt. Yet that debt is more exposed to short-term movements in interest rates than in any other advanced country \u2013 placing millions of households in danger of extreme privation when, as now, interest rates suddenly rise. It is a lack of duty of care bordering on criminal neglect.By next December, cumulatively 4.4 million households will have been forced to refix their mortgages at steeply higher rates since Russian tanks rolled into Ukraine last February and interest rates started climbing. Then, two-year fixed-rate mortgages were available at under 3%: today they cost close to 6%. The Resolution Foundation thinktank, assuming that the two-year fix will remain above 6% until next year, estimates that mortgage holders\u2019 annual payments will jump by \u00a315.8bn as their two-year fixes come to an end. Given that so few households have more than \u00a32,000 of savings, the Institute for Fiscal Studies forecasts 2.9 million mortgage holders exhausting their savings completely. Continue reading…
\n
\nSource : theguardian.com
\nRead more…Millions are facing soaring mortgage rates. How did we leave them so vulnerable? | Will Hutton<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Homeowners in Britain are especially at risk because of a shortage of long-term loans. The...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-137420","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-zKs","jetpack-related-posts":[{"id":137396,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/what-steps-could-government-take-to-help-mortgage-borrowers\/","url_meta":{"origin":137420,"position":0},"title":"What steps could government take to help mortgage borrowers?","date":"June 16, 2023","format":false,"excerpt":"\r As interest rates rise, cash-strapped households need speedy solutions to meet monthly paymentsAs rising interest rates put a squeeze on millions of mortgage borrowers there have been calls for the government to intervene. But what could it do to help cash-strapped households? Continue reading...\r \r Source : theguardian.com\r Read\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138212,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-uk-housing-crisis-isnt-just-about-mortgages-private-renters-desperately-need-help-too-alex-diner\/","url_meta":{"origin":137420,"position":1},"title":"The UK housing crisis isn\u2019t just about mortgages \u2013 private renters desperately need help too | Alex Diner","date":"July 5, 2023","format":false,"excerpt":"\r The local housing allowance freeze is pushing many tenants into dangerous, poor quality accommodationWe are in the midst of not just one housing crisis, but multiple overlapping crises. As interest rates have soared, attention has understandably focused on the explosion of the mortgage \u201ctimebomb\u201d; the 4.2m households in Britain\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":96609,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mortgage-lending-fell-in-july-before-rise-in-interest-rates\/","url_meta":{"origin":137420,"position":2},"title":"Mortgage lending fell in July before rise in interest rates","date":"August 24, 2018","format":false,"excerpt":"\r Number of mortgages approved drop by 4.3% to 39,584 compared with a year agoMortgage lending in Britain dropped last month before the Bank of England raised interest rates above the level set since the financial crisis, new banking industry figures show. The industry body UK Finance said the number\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":74344,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-mortgage-lending-in-uk-reaches-highest-level-since-2008\/","url_meta":{"origin":137420,"position":3},"title":"New mortgage lending in UK reaches highest level since 2008","date":"December 12, 2017","format":false,"excerpt":"\r Boom driven by people remortgaging homes to lock- in cheap deals as proportion lent to first-time buyers fallsBritish households are taking on the highest levels of fresh mortgage debt since the beginning of 2008, spurred by low interest rates from the Bank of England, even as the proportion of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":159006,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/average-private-rent-in-great-britain-falls-for-first-time-in-five-years\/","url_meta":{"origin":137420,"position":4},"title":"Average private rent in Great Britain falls for first time in five years","date":"August 11, 2025","format":false,"excerpt":"\r Lower mortgage rates have helped cool rental sector after years of above-inflation increases in rent, data showsAverage private rents in Great Britain have fallen for the first time in five years as lower mortgage rates helped take some of the heat out of the rental sector, data shows.Years of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43637,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/are-car-loans-driving-us-towards-the-next-financial-crash\/","url_meta":{"origin":137420,"position":5},"title":"Are car loans driving us towards the next financial crash?","date":"February 10, 2017","format":false,"excerpt":"\r Fears are being raised that a boom in personal contract plans is fuelling another colossal build-up of debt in UK and US A huge increase in the amounts borrowed by already-indebted households in Britain and the US to buy new vehicles is fuelling fears that \u201csub-prime cars\u201d could spark\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/137420"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=137420"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/137420\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=137420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=137420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=137420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}