News

Mortgage payments set to rise for three million UK households – Bank of England

Published

5 months ago

June 27, 2024

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.

Crime

Mother admits to killing seven-year-old son in Haverfordwest

Published

18 hours ago

November 22, 2024

Luke Sinclair

A mother has admitted to the manslaughter of her seven-year-old son at their home in Haverfordwest, citing diminished responsibility.

Papaipit Linse, 43, appeared at Swansea Crown Court on Friday (Nov 22), where she denied murder but pleaded guilty to manslaughter in connection with the death of her son, Louis Linse. Prosecutor Caroline Rees KC confirmed the manslaughter plea would be accepted, stating it “did not come as a surprise” to the prosecution.

The incident occurred on 10 January when police were called to a property on Upper Market Street. Louis was rushed to Withybush General Hospital but tragically died shortly afterwards.

During the hearing, Linse, who spoke only to confirm her name and enter her pleas, was informed that she would be sentenced on 13 December. Judge Paul Thomas KC described the case as “clearly a very sensitive as well as a very tragic case.”

The court was told that Linse is currently receiving treatment at the Caswell Clinic, a mental health facility in Bridgend. Psychiatric evidence is expected to be presented during the sentencing hearing to provide further insight into the circumstances surrounding the case.

Community

Council warns of icy conditions as temperatures drop

Published

1 day ago

November 21, 2024

Tom Sinclair

ROAD users in Pembrokeshire are being urged to exercise caution tonight as temperatures are forecast to dip below freezing.

Pembrokeshire County Council has announced that road surface temperatures could reach as low as -2°C, with the possibility of sleet or snow on higher ground. In response, precautionary salting of the county’s primary routes will be carried out this evening and overnight.

A spokesperson for the council said: “Road users are advised to take care if travelling on untreated roads.”

Motorists are reminded to plan ahead and drive carefully, particularly in areas that may not have been treated.

Stay tuned to The Herald for updates on road conditions and weather warnings.

Community

Stallholders wanted for Milford Haven Christmas Market

Published

1 day ago

November 21, 2024

Tom Sinclair

MILFORD HAVEN BUSINESS CIRCLE is calling for stallholders to join the town’s festive Christmas Market, set to bring holiday cheer on Friday, December 6, and Saturday, December 7, 2024.

The market will take place at the Lower Charles Street Car Park, promising a vibrant mix of stalls and attractions. Organizers are seeking a variety of vendors, including those offering gifts, children’s toys and games, food, cakes, flowers, and more.

There’s also an open invitation for someone with small children’s rides to add to the festive fun. A highlight of the event will be the Grinch’s Grotto, offering an entertaining twist to this year’s celebrations.

If you’re interested in having a stall, contact the Milford Haven Business Circle via email at [email protected] for more information.