BREAKING: Bank of England sees mortgage burden 'below financial crisis peaks'
Its latest Financial Stability Report declared that squeezed households were proving resilient in the face of challenges posed by rising living costs and interest rate hikes to tackle high inflation.Just a day after data from Moneyfacts revealed average two-year fixed mortgages had hit a, the bank's financial policy committee said lenders and borrowers alike were well placed to manage the additional costs.
"Although the proportion of income that UK households overall spend on mortgage payments is expected to rise, it should remain below the peaks experienced in the Global Financial Crisis and in the early 1990s", the report said. Bank rate has been raised consistently since December 2021 in a bid to get a grip on inflation, first caused by economies reopening after the COVID pandemic.While the bank cannot control things like energy and food prices, market expectations for bank rate have increased in recent months as inflation has proved more sticky than anticipated.and companies looking to rebuild profitability.
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