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The Latest Breaking News from Moneyfacts

Why aren’t banks passing on interest rate rises to customers?

Rates have gone up six consecutive times, yet very few savers are benefiting, researchers find

The Guardian - UK

Mortgages: your options if you want to switch deals or are a first-time buyer

The lowdown for different categories of borrower as interest rates continue to rise

The Guardian - UK

Average mortgages to go up by £50 a month

This adds up to an extra £605.16 in mortgage costs over the course of a year.

Wales Online

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£50-a-month jump in average tracker mortgage costs following rate rise

The increase adds up to more than £600 extra in mortgage costs over the course of a year.

The Independent UK

UK interest rate rise: what the Bank of England's historic hike means for your money

The Bank of England has raised its base rate by 0.5 percentage points, the largest single upward jump in 27 years. It takes the base rate to 1.75%, its highest level since 2008. This latest interest rate hike will affect personal finances and reflects the Bank’s efforts to control rampant…

The Conversation

Martin Lewis says savings rates hit a 10-year high - but many banks still ignore savers

Savings deals are paying decent interest rates again, and now MSE's Martin Lewis says if your bank isn't paying 1.5%, it's time to switch - and not to let rising inflation put you off

Daily Mirror

Average SVR mortgage paid in UK tops 5% for first time since 2009

Typical amount borrowers pay rises to highest level in 13 years at 5.06% after successive interest rate rises

The Guardian - UK

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Credit card and loan interest rates are increasing

Across the credit card market, the average purchase APR (annual percentage rate) in June is 26.7%

Wales Online

‘Personal loan and credit card rates on the rise’

But in some better news for credit card borrowers, the average length of 0% balance transfer deals has increased, according to Moneyfacts.co.uk.

The Independent UK

UK house prices: Will rising interest rates cause a property market crash?

Property pices are rocketing but many experts are predicting a slowdown in price growth later this year, explains Ben Chapman

The Independent UK

UK mortgage lenders told to ditch affordability test for potential buyers

Potential homeowners could find it easier to be approved for a mortgage as lenders are allowed to scrap an affordability test, the Bank of England has confirmed

Daily Record

Mortgage rules to change for buyers in two months

The Bank of England has confirmed the change to mortgages

Liverpool Echo

Mortgage affordability shake-up confirmed for buyers - what it means for you explained

The Bank of England has confirmed it is pushing ahead with scrapping a mortgage affordability test - despite interest rates climbing and fears that it could push house prices higher

Daily Mirror

Average SVR paid by UK mortgage borrowers hits highest level in 13 years

Standard variable rate reached 4.91% at the start June – before last week’s rise in base rate by the Bank of England

The Guardian - UK

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Wales Online

Mortgage affordability rule to be axed from August 1

Aim is to get more first-time buyers on the property ladder

The Independent UK

Mortgage affordability rule will be ditched from August

Other rules in place should deliver appropriate resilience to the UK financial system but in a simpler more predictable way, the Bank of England said.

The Independent UK

High street lenders increase mortgage rates by more than Bank of England

Borrowers are seeing their costs rise but savings rates remain low

The Guardian - UK

What the Bank of England’s base rate rise means – in numbers

The interest rate going up to 1% has implications for borrowers and savers. Here’s how it could affect you

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Daily Record

Savings rates jump as ISA season returns with highest monthly uplift in a decade

There are currently more than 410 cash ISA products to choose from.

The Independent UK

Biggest jump in average cash Isa rates in a decade

Stronger competition amid recent Bank of England base rate rises are elevating interest rates, Moneyfacts.co.uk said.

The Guardian - UK

Looking for a mortgage? It’s time to get a move on

As inflation takes its toll, interest rates are rising and the best offers are drying up

The Guardian - UK

Want to avoid card fees for cash withdrawals abroad? Here’s how …

Charges for taking out £250 at an overseas ATM can be as high as £15, but there are ways to avoid them

The Independent UK

Stocks and shares Isa funds ‘have grown at 13 times cash Isa rates on average’

Moneyfacts.co.uk looked at average Isas between February 2021 and February 2022 to compare the average rates.

The Independent UK

Choice of inflation-beating savings accounts down from 100 to none – research

Moneyfacts said there were 100 cash savings accounts which could beat inflation available one year ago.

Daily Mirror

Mortgages to soar by £700 a year if Bank of England hikes interest rates this week

The average cost of paying a mortgage could go up to £14,000 a year if the Bank of England makes the decision to hike base rate this Thursday to offset the creeping cost of inflation

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