Page 3 - Ranald Mitchell News Today

Higher mortgage rates have been testing the resolve of many landlords. Are things starting to look up, or is there more pain to come?

Number of buy to let mortgages in arrears doubles in a year as amateur landlords struggle with interest rate rises

Prices fell by 0.4 per cent in September and are now around £14,000 below their peak in August last year, figures from the nations largest mortgage lender show. An average home is now £278,601.

Britains biggest lenders have made a series of rate reductions in recent days, giving borrowers much-needed respite after rates soared over the summer.

Brokers say borrower confidence likely to lift after the first below 5% deal surfaces since June with more offers likely soon

Borrowers struggle to pay up amid sharp rise in interest rates

Santander has become the latest high street lender to reduce the rates of its mortgage deals, following a stream of other cuts by fellow banks last week, in a signal of hope for prospective buyers. 

Despite month after month of falling prices, the housing market has so far avoided the most pessimistic forecasts for a market crash.

Michael Bailey, director at Preston-based Michael Bailey Estate Agent: "As the Nationwide suggests, a lot depends on the resilience of the jobs

EXCLUSIVE: Industry insiders have warned Britons have not seen the worst of high mortgage rates yet with the Bank of Englands reliance on interest rate rises to curb the UKs stubborn inflation branded insanity.