Britain's biggest lender tells homeowners ‘new normal' mortgage rate will be 4.5pc [Yahoo! Finance]
Lloyds Banking Group Plc American Depositary Shares (LYG)
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Source: Yahoo! Finance
Charlie Nunn, the chief executive of Lloyds Banking Group said that after a decade of rates between 1.5pc and 2.5pc, the expectation in the markets was that the Bank Rate would not drop below 3.5pc. But he said that any cut to the Bank Rate, which is expected later this year, would be “beneficial” and could boost investment into the UK. It comes after three of the UK's biggest lenders, HSBC, Barclays and NatWest slashed their mortgage rates ahead of the general election on July 4. Mr Nunn told Sky News: “There is going to be a higher cost of borrowing in the economy, probably based on what we can see happening at the moment. “In terms of the impact on the broader consumer in the UK, it'll take longer to feed through. Around mortgages specifically, we've just come off a decade where mortgages have been in the 1.5-2.5pc range. “The expectations the market have is that interest rates probably won't get below 3.5pc. “And that means mortgages, or the new normal for mortgages,
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LYG
Sec Filings
- 6/28/24 - Form 6-K
- 6/28/24 - Form 6-K
- 6/27/24 - Form 6-K
- LYG's page on the SEC website