The UK’s four biggest banks have collectively made an extra £6.5bn as a result of interest rate hikes, new analysis from LBC has revealed.
As part of their financial results, banks publish their ‘net interest income’, which is the difference between the amount they make from interest payments on products such as loans and mortgages and the sum they pay to customers saving with them. In the first 9 months of 2023, HSBC, NatWest, Barclay’s and Lloyds generated around £48.
25% in its decision on Thursday, after a run of fourteen successive increases was halted by the Bank’s most recent statement in September, households have continued to face significantly higher mortgage repayments. Amongst those worst hit are first-time buyers, with their average repayments escalating from £971 in August 2022 to £1,253 in the same month of 2023, according to Rightmove.
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