Timm Posted October 12, 2023 Share Posted October 12, 2023 (edited) https://www.financialreporter.co.uk/mortgage-default-rates-and-losses-increase-during-q3-bank-of-england.html Quote Lenders have reported that default rates on secured loans to households increased during the third quarter, and losses given default also increased slightly in the same period, according to the Bank of England Credit Conditions Survey for Q3. Both were expected to increase in the fourth quarter as the impact of higher interest rates hits households hard. Lenders also reported that demand for mortgage lending and remortgaging decreased in Q3, and was expected to decrease further in Q4. Defaults up and expected to rise further. Demand for mortgages down and expected to fall further. Edited October 12, 2023 by Timm Quote Link to comment Share on other sites More sharing options...
msi Posted October 12, 2023 Share Posted October 12, 2023 In next weeks update....bears...woods..... Quote Link to comment Share on other sites More sharing options...
fellow Posted October 12, 2023 Share Posted October 12, 2023 5 hours ago, Timm said: https://www.financialreporter.co.uk/mortgage-default-rates-and-losses-increase-during-q3-bank-of-england.html Defaults up and expected to rise further. Demand for mortgages down and expected to fall further. Interestingly, not only is mortgage demand down but mortgage availability is down as well. You would expect a glut of mortgages if fewer are being taken out so this suggests banks are restricting lending deliberately or simply have less available cash to lend, which I suspect is due to a combination of QT and increased mortgage overpayments shrinking the money supply. "Lenders also reported that demand for mortgage lending and remortgaging decreased in Q3, and was expected to decrease further in Q4. In addition, the availability of secured credit to households decreased in Q3 and is expected to decrease slightly over the next three months". Quote Link to comment Share on other sites More sharing options...
BobTheBear Posted October 12, 2023 Share Posted October 12, 2023 I have a Starling Bank current account. Got an email this week saying that they are increasing the interest rate on this from 0.05% to 3.75%! Up to £5000 balance anyway. Could they be the next Metro Bank? Quote Link to comment Share on other sites More sharing options...
fellow Posted October 12, 2023 Share Posted October 12, 2023 12 minutes ago, BobTheBear said: I have a Starling Bank current account. Got an email this week saying that they are increasing the interest rate on this from 0.05% to 3.75%! Up to £5000 balance anyway. Could they be the next Metro Bank? Why? That rate is still criminally low. Quote Link to comment Share on other sites More sharing options...
BobTheBear Posted October 12, 2023 Share Posted October 12, 2023 It’s a current account, most pay jacksh1t. They have just increased the rate x75!! Quote Link to comment Share on other sites More sharing options...
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