News
Mortgage payments set to rise for three million UK households – Bank of England
ABOUT three million households are poised to face increased mortgage payments over the next two years, according to the Bank of England’s latest Financial Stability Report.
The report indicates that approximately 400,000 mortgage holders are bracing for significant payment hikes. Concurrently, renters are feeling the squeeze from the rising cost of living and higher interest rates.
Despite these challenges, the Bank of England reassured that overall risks to the UK financial system remain stable, with businesses and households displaying resilience.
The report highlighted that about one-third of UK mortgage holders, exceeding three million, are currently benefiting from interest rates below 3%. This group largely consists of individuals who secured mortgage deals before the Bank of England began increasing interest rates in late 2021. These favourable rates are nearing their expiration, with most fixed-rate deals set to conclude before the end of 2026.
For the average household, monthly mortgage repayments are projected to rise by approximately £180, an increase of about 28%. However, around 400,000 households could see their monthly payments surge by 50% or more.
Despite these anticipated rises, the number of households struggling with mortgage payments is expected to remain below levels observed following the 2008 global financial crisis. “The overall share of households who are behind in paying their mortgages remains low by historical standards,” the Bank of England stated.
This report follows actions by three major lenders—HSBC, NatWest, and Barclays—who have all recently reduced mortgage rates. These cuts come in response to potential summer interest rate reductions hinted at by the Bank of England.
Community
Tractor run lights up Pembrokeshire and raises funds for charity
THE PEMBROKESHIRE ILLUMINATED TRACTOR RUN took place today (Dec 21), raising funds for two vital charities: the Catrin Vaughan Foundation and Wales Air Ambulance.
Starting at Clarbeston Road AFC at 6:00pm, the brightly lit convoy of nearly 200 tractors made its way through Withybush Hospital and Haverfordwest High Street before finishing at the Pembrokeshire County Showground.
The annual event has become a highlight of the festive calendar, drawing large crowds to witness the spectacle of tractors adorned with colourful lights and decorations.
Funds raised from the event will support the Catrin Vaughan Foundation, which provides crucial assistance to families facing hardship, and the Wales Air Ambulance, delivering life-saving emergency medical care across the region.
Organisers praised the dedication of local farmers and volunteers, whose commitment ensures the event’s continued success year after year.
(Image: Nia Marshall/Facebook)
Business
Ferry Terminal ‘extremely busy’ due to ongoing Holyhead closure
PEMBROKE DOCK Ferry Terminal has been experiencing significant congestion today as ferry services remain under immense pressure following the closure of Holyhead Port earlier this month.
The disruption, caused by storm damage, has rerouted ferry traffic through Pembrokeshire, leading to long queues and crowded facilities at the terminal.
The Herald can confirm that it has been very busy today with cars, lorries, and foot passengers queuing in large numbers. Staff are working tirelessly to manage the influx, directing vehicles and assisting passengers as they prepare to board the heavily booked ferries.
A spokesperson for the Port of Milford Haven said: “We are working closely with ferry operators and local authorities to ensure traffic flows as smoothly as possible, but the sheer volume of vehicles is causing unavoidable delays.”
Travelers are being urged to arrive early for their sailings and to remain patient as the terminal operates at full capacity.
Both Stena Line and Irish Ferries have increased capacity on their Pembrokeshire routes, deploying larger vessels, including the Stena Adventurer and the MV James Joyce, to handle the surge in demand.
From our position at the terminal, our photographer has captured photos showing long lines of vehicles, groups of foot passengers carrying luggage, and port staff coordinating efforts to ease congestion.
Authorities are advising non-essential travelers to consider rescheduling their journeys where possible and to monitor updates from ferry operators closely.
(Photos: Martin Cavaney/Herald)
Community
Festive celebrations at St Davids Cathedral this weekend
ST DAVIDS Cathedral is set to host two special events on Sunday (Dec 22), offering a blend of joyful participation and traditional carol singing to mark the Christmas season.
In the morning, families are invited to the Scratch Nativity at 11:00am. Attendees are encouraged to come dressed as wise men, angels, sheep, or shepherds and take part in an unrehearsed retelling of the Christmas story. Canon Leigh described the event as: “Complete, wonderful chaos for an hour… but with some poignant, thought-provoking moments to centre ourselves on the real meaning of Christmas.”
Later in the evening, the Festival of Nine Lessons and Carols by Candlelight will take place at 7:00pm, featuring the Cathedral Choir. The event, steeped in tradition, will see the cathedral bathed in candlelight as carols and scripture readings fill the historic space.
Doors will open at 5:45pm for those seeking unreserved seating, and a large turnout is expected for this beloved Christmas celebration.
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