Lloyds says rate cuts already priced into mortgage offers

Lloyds says rate cuts already priced into mortgage offers


Todays other news
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
The lender has claimed to move away from the 'them...
L&G Mortgage Club has launched an end-to-end digital mortgage solution...


Lloyds Bank says it expects mortgage rates to remain broadly stable for the short term after the volatility of the past two years.

In the bank’s half year results – which showed a 14% profits slide overall, although with an uptick in more recent months – chief executive Charlie Nunn stated that future Bank of England rate cuts were already priced into many current mortgage offers.

The group – comprised of Lloyds Bank, Halifax, Bank of Scotland and Scottish Widows – reported statutory pre-tax profits of £1.7 billion in the second quarter, just above market expectations that the result would be broadly flat year on year at £1.6 billion.

Loans to customers increased by £2.7 billion during the first half of 2024, driven mostly by growth in retail lending including mortgages and unsecured loans. But deposits at Lloyds’ commercial bank fell £1.6 billion, with a decline in lending to small and medium-sized businesses.

The bank said it had set aside lower provisions for bad loans in the second quarter because of improvements in the UK’s economic outlook and customers’ “resilient credit performance”. It also saw a reduction in rrnew arrears and defaults across its mortgage book, and “stable” arrears and default levels in its unsecured lending book.

Tags: Mortgages

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Introducer Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The lender has claimed to move away from the 'them...
In the past four years 50% of buyers have been...
A prominent agency expects anxious buyers to keep searching...
The warning comes in the latest market snapshot from Rightmove...
Recommended for you
Latest Features
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
Sponsored Content
Historically second charge mortgages or secured loans as they are...
Lenders must say what they mean and mean what they...
Fraudsters attacking the conveyancing sector, successfully stealing large sums of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here