Home sales in Britain fell sharply after financial institutions withdrew their mortgage offers due to high interest rates.

Bloomberg News reported that small lenders such as Kensington and Accord Motors & Hedge were among several lenders that it said had withdrawn their offers. This came after the decision of Lloyd’s Banking Group, the largest real estate finance institution in Britain, yesterday to stop some of its offers, while Virgin Money UK company temporarily stopped providing real estate loans to its new customers.

British banking group HSBC Holdings also informed brokers that it has withdrawn its mortgage products for the rest of the day, while the Nationwide Building Society announced an increase in interest rates on its various mortgage loans starting tomorrow. Banco Santander said it was withdrawing some of its real estate products and raising interest rates on others.

A report issued by the British “Resolution Foundation” research center warned that the new budget project announced by British Chancellor of the Exchequer Kwasi Quarting led to the loss of credibility of the new Prime Minister Liz Terrace’s government in the financial markets, which led to a sharp decline in the price of the pound sterling. British families are getting poorer.

The Bloomberg News Agency quoted the research center report saying that the collapse of the pound against the dollar and the rise in interest rates as a result of the “small budget” announced by the Chancellor of the Exchequer would intensify the crisis of living expenses for British families and add hundreds of pounds to the regular mortgage loan installments for the British.

At the same time, the think tank believes that the government will suffer from the repercussions as well as a result of the high rate of return on its bonds, which will lead to an increase in the cost of servicing the public debt by 14 billion pounds (15 billion dollars) starting from the fiscal year.

By Editor

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