Mortgage costs could jump for millions, Bank says
In its latest Financial Stability Report, the Bank said household finances had remained resilient in general.
“While many UK households, including renters, are still facing pressures from the increased cost of living and higher interest rates, the share of households who are behind in paying their mortgages is low by historical standards,” it said.
“And the share of households spending a high proportion of their income on mortgage payments is expected to remain low.”
Looking at the global picture, the Bank said “uncertainty around, and risks to, the global economic outlook have increased”.
The Bank did not specifically mention US President-elect Donald Trump’s plans to put import tariffs on goods from Canada, Mexico and China, but noted the “potential to increased global fragmentation” of trade.
It said this potential for trade fragmentation “poses risks to UK financial stability”.
Related
UK debt market sell-off threatens to push up mortgage costs
About 700,000 homeowners are facing an increase in mortgage costs when their fixed-rate deals end this year, as a sell-off in the UK government debt market plun
Reconomy commits to 100% renewable electricity across its UK business
Circular economy specialist Reconomy has promised to switch to 100% renewable electricity, sourced from solar, wind and hydro power, across its UK bus
How Collinson Grant helped Highwood Consultants ‘ready for growth’
When the UK business of Highwood Consultants sought to address a decline in trade, it brought in advisors from C
Rachel Reeves heads to China amid pressure over borrowing costs
Travelling to China with the chancellor are senior financial figures, including the governor of the Bank of England and the chair of HSBC. There she will meet C
