Mortgages.scot

Repossessions for Q3 2022 on the rise

UK finance has published new data for Q3 showing significant rises in repossession across the country.

Statistics

Interest rates rise to 3%

Unsurprisingly the Bank of England voted in favour of increasing the base rate again this month. That takes it to 3% with one more increase anticipated before 2022 draws to a close.

News

Rent freeze and eviction ban now law in Scotland

New legislation has been given royal assent by the King. A ban on rent increases and evictions is now in place for the next 6 months.

Law

Some mortgage rates drop 0.5%

It would appear the mini-budget reversal by the conservative party is having the right effect on the markets. As a result lenders are starting to reduce mortgage rates.

News

30m struggling with bills says FCA

The FCA has published updated data on their Financial Lives survey. The data suggests 30m are now struggling to keep up with their bills in the current climate.

News

There is no £2,500 price cap on Gas

I have had a few questions about the price cap of £2,500 for gas supplies. There appears to be confusion around this so I wanted to be clear for those who have not understood how this works and what it actually means.

General

Have lenders stopped using the interest stress test?

From the 1st of August 2022 lenders were able to stop stress testing mortgages. An affordability test that was introduced in 2014 to ensure borrowers could still cope with an interest rate shock. Although we are only 3 weeks on have any lenders dropped the test?

Views

Mortgage arrears drop by 10%

UK Finance has reported that the number of customers with mortgage arrears has dropped 10% year on year. The only area that was up was the early arrears customers by 1%.

Statistics

Is Purplebricks in trouble? Probably

Purplebricks is an online estate agent. They have full UK coverage and do well in terms of property sold but the issue is that they are simply too cheap! Yes you heard that right. 2021 accounts reveal a reduction in revenue of £20m with overall losses for the year at £42m.

News

0.5% Increase to interest rate

It comes as no surprise that when the Monetary Policy Committee met today they agreed to increase interest rates. It was almost a given that it would be a 0.5% increase.

News

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