From 1h agoKey events16m agoMortgage charter impact ‘remains to be seen’39m agoSantander: Higher rates will cause some customers financial difficulties45m agoSkipton: expect more customers with financial stress1h agoNationwide: No material increase in mortgage borrowers in arrears, yet1h agoTreasury Committee questions mortgage providers2h agoChart: How mortgage rates have climbed3h agoUK mortgage rates rise over ‘mini-budget’ peak3h agoThe latest odds for interest rate increases4h agoFull story: Record UK pay growth adds to pressure for interest rate rise4h agoIoD: higher interest rates are starting to feed through4h agoGovernment: Jobs market is strong4h agoInactivity falls as more people return to jobs market4h agoVacancies fall as companies cut back4h agoPound hits 15-month high4h agoUK unemployment rate hits 4%4h agoPrivate sector pay growth at record, as public sector lags4h agoIntroduction: UK wage growth hits record at 7.3%Filters BETAKey events (17)UK (14)Bank of England (8)Lloyds Banking Group (7)Santander UK (7)Skipton Building Society (7)now06.47 EDT
Q: What concerns do you have that people who extend their terms or move to interest-only loans are only deferring the pain, and will end up paying more overall?
On the second point, Henry Jordan, home commercial director at Nationwide, suggests that customers may be able to reduce their terms in future years, if interest rates come down again.
Q: How many mortgage prisoners do you have?
Andrew Asaam says Lloyds has no mortgage prisoners – all its customers can get a ‘front book rate’.
6m ago06.41 EDT
Q: What else can banks do to prevent house repossessions?
Andrew Asaam, homes director at Lloyds Banking Group, says Lloyds have been phoning fixed-rate customers who are potentially high risk to offer them the chance to extend loan terms or lock in a deal now.
Customers on variable-rates are told if they could save by moving to another product.
And for customers in financial difficulties, there are a range of tools to help with loan forebearance and keep them in their homes, and “only use repossession as a last resort”.
10m ago06.37 EDT
Q: So, what’s the point of the mortgage charter if you’re already doing most of the options already? Has the chancellor added anything substantive?
Andrew Asaam, Lloyd’s homes director, says it provides clarity and consistency for customers.
And with inflation still high, it’s a helpful intervention “as things progress”, Asaam adds.
Q: 85% of the market are covered by this voluntary charter – should the government reach out to the other 15% of lenders?
Santander’s Bradley Fordham suggests those 15% of the market could be specialist lenders, such as buy-to-let (which is not covered by the charter).
Nigel Terrington, CEO of Paragon Banking Group (which focuses on the BTL market) says he would happily sign the charter.
16m ago06.31 EDTMortgage charter impact ‘remains to be seen’
Rushanara Ali, the Labour MP for Bethnal Green and Bow, asks…
2023-07-11 05:37:03
Article from www.theguardian.com
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