Mortgages

Rates on new mortgages continued to climb this week as the fallout from the mini-budget continued to reverberate through the housing market. The higher rates on offer are bad news for first-time buyers and those looking to remortgage, who face much bigger monthly payments. So how bad are things, and what can you do?So what has been happening this week?Most of the mortgage lenders that effectively pulled down the shutters in the wake of the financial turbulence sparked by the 23 September mini-budget have now re-entered the market. For example,...

With the cash rate rising, Australian borrowers are now being forced to cough up higher repayments on their mortgages. In fact, due to the latest 0.25% hike in October, an Australian with an average $500,000, 25-year mortgage will now pay an extra $76.45 on their mortgage a month.  For those with a $1 million mortgage, that extra monthly repayment will be more than $150 per month following the latest hike. And since the RBA started lifting rates in May, that same mortgage borrower would have seen their monthly repayments jump...

Introduction: Fitch cuts outlook for UK rating to 'negative' from 'stable'Good morning, and welcome to our rolling coverage of business, the world economy and the financial markets.A second rating agency has threatened to downgrade the UK’s credit rating, warning that the unfunded tax cuts in Kwasi Kwarteng’s mini-budget will drive up borrowing.Fitch has cut the outlook on the UK’s AA- investment grade credit rating, to Negative from Stable, following a similar move from S&P.Fitch warned that the “large and unfunded fiscal package” could lead to a significant increase in the...