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The Latest Breaking News from The Bank of England

Michael Gove says 25-year fixed rates could ease mortgage crisis

Housing secretary suggests Canadian-type deals – as Sunak government under pressure to end ‘mortgage horror show’

The Independent UK

UK ‘hurtling into mortgage disaster’ as rates near highs seen during Truss turmoil

‘No one’s at the helm of the ship, we don’t know where we’re going to end up,’ warns one mortgage broker

The Independent UK

Average two-year fixed-rate mortgage tops six percent for first time in 2023

The average two-year fixed-rate homeowner mortgage on the market has topped 6 per cent for the first time this year.

The National (Scotland)

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Westminster is 'hammering home owners and first time buyers', SNP say

The SNP have said Westminster is “hammering home owners and first time buyers” after the Bank of England raised interest rates.

The National (Scotland)

Government urged to end ‘mortgage horror show’ as average two-year rate tops 6%

Calls for intervention were made as the average two-year fixed-rate mortgage deal topped 6% for the first time this year.

The Independent UK

No more bailouts so Andrew Bailey needs to delay interest rate rise

City comment: The best thing would be for the Bank of England to reverse-ferret and delay the pencilled-in rate rise

Evening Standard

Average two-year fixed-rate mortgage tops 6% for first time in 2023

The last time that the average two-year fixed-rate mortgage was 6% or higher was in December 2022, according to figures from Moneyfactscompare.co.uk.

The Independent UK

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Mortgage costs could rise by an average of £2,900 a year for 800,000 people

The Resolution Foundation predicts that the Bank of England's base interest rate could peak at nearly 6% by next year - currently, the base interest rate is 4.5%

Daily Mirror

Government 'considering prioritising British citizens for social housing list'

There are currently more than one million people waiting for social housing

Manchester Evening News

Mortgage mayhem goes on as two-year rates cross 6% threshold

It comes as Rishi Sunak this morning signalled there will not be any extra help given to people struggling with mortgage payments

Evening Standard

‘This is going to sting’: What would a mortgage crisis mean for homeowners and renters?

Current rates of nearly 6 per cent causing equivalent ‘stress’ to double-digit rates of 1980s, Andy Gregory writes

The Independent UK

Average two-year fixed rate mortgage deal hits 6% for first time this year, as Sunak rules out extra help – business live

Average mortgage rates hit highest level since December, as asking prices for British homes fall in June for the first time in six years

The Guardian - UK

Average two-year mortgage interest rate hits 6% as Rishi Sunak rules out homeowner help

The average 2-year fixed rate mortgage rate climbed to 6.01% on Monday in a fresh blow to homeowners and first-time buyers

Evening Standard

Mortgage help ‘not ruled out’, says minister Michael Gove

The Levelling Up Secretary adds he does not have a mortgage himself

Evening Standard

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Daily Mirror

Michael Gove says cash to help families pay mortgages can't be 'magicked out of thin air'

Cabinet minister Michael Gove said Tories have 'exacerbated' the issue of soaring borrowing rates with Liz Truss's mini-Budget - and the squeeze on mortgage holders is set to tighten

The Guardian - UK

Millions are facing soaring mortgage rates. How did we leave them so vulnerable?

Homeowners 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 better

The Independent UK

Brexit to blame for soaring inflation, former Bank of England boss says: ‘We told you so’

Mark Carney says there is ‘no joy’ in laying this out as ‘people are having to live with that reality’

The Guardian - UK

Brexit to blame for rising inflation, says former Bank of England governor

Mark Carney says Bank’s negative predictions about consequences of leaving EU ‘proven to be the case’

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The Guardian - UK

UK homeowners face huge rise in payments when fixed-rate mortgages expire

More than 2.4m deals are ending in 2024, raising fears of financial timebomb

The Guardian - UK

What are the best options if you are looking for a mortgage?

With interest rates predicted to rise again and cost of fixed-rate deals on the up, here’s what you need to know

Manchester Evening News

Warning over house sales this summer as mortgage rates rise again

Property experts say rising interest rates are continuing to dampen the housing market

The Independent UK

Average fixed mortgage rates edge closer to 6% as more deals are hiked

The typical two-year fixed-rate deal was sitting at 5.98% on Friday, Moneyfactscompare.co.uk said.

The Guardian - UK

Sunak should never have made his woolly inflation pledge

The prime minister has set a target that was not in his power to deliver, and he ignored political convention to do so

Evening Standard

Public sees a way out of cost-of-living crisis, with inflation expected to fall to just 3.5% by next May

Inflation expectations were down from 3.9% in the previous survey

The Guardian - UK

UK government urged to help mortgage holders as rates keep rising; company insolvencies jump 40% – as it happened

Lib Dems call for emergency mortgage protection fund, as new data shows two-year fixed rate mortgage has jumped to 5.98% and confidence in Bank of England falls

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