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The proportion of total loan balances with arrears, relative to all outstanding mortgage balances, also increased from 1.12percent in quarter three of 2023 to 1.23percent in Q4 of 2023. Rising interest rates over the past two years combined with the cost of living crisis appear to be pushing more homeowners into difficulties. Halifax has said that for all other applications, a maximum working age of up to 75 can be used. The next Bank of England interest rate decision will be at noon tomorrow, although no change to rates is expected at this point. Net approvals for remortgage also increased, from 30,900 to 37,700 during the same period.
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It is the first time rates have been this low in many months. Santander, the fourth largest lender, is cutting fixed rates for new and existing residential and buy-to-let customers from tomorrow . It includes a sub-5percent five-year fixed rate for house purchase. Santander, plus a host of smaller lenders, have cut fixed mortgage rates for new and existing customers following a freeze to the Bank of England base rate last week, writes Jo Thornhill.
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Yorkshire building society has cut rates on fixed and tracker rate products by up to 0.41 percentage points. As stories from past days show, other major lenders including Nationwide, Virgin and NatWest are cutting rates to make themselves more competitive. NatWest is the latest lender to offer a sub-5percent mortgage as part of a number of cuts to its fixed-rate range, effective tomorrow . The new remortgage deal will be available at 4.99percent with a 999 fee, for borrowers with 40percent equity in their property (60percent loan to value). The bank’s five-year fix for Premier Banking customers is now at 5.24percent (60percent LTV) with a 999 fee.