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Mortgage holders awaiting ‘income shock’

The boss of Barclays has said that a ‘huge income shock’ awaits mortgage holders.

The boss of Barclays has said that a ‘huge income shock’ awaits mortgage holders.

He said that most had handed over about 20 per cent of their income in mortgage repayments through the 1990s and 2000s, but he expects the figure to rise by 10 per cent.

CS Venkatakrishnan, known as Venkat, also said the recent banking turmoil could lead to less lending and see more banks merging.

During an interview at the Wall Street Journal’s CEO Council Summit, the bank’s CEO warned about the prolonged cycle of interest rates hikes.

He said: “By our assumptions, for the median family income with the median mortgage, what they have paid as their mortgage or rental payments in the last two decades – the ’90s to 2020 – was about 20 per cent of their income.

“That is going to be about 28 per cent to 30 per cent of their income. So there is a huge income shock.

“Obviously it affects consumption, and that is before you even bring in the other effects of inflation being food and energy, and basic goods and services.

“They [our customers] are paying down high debt on credit cards – our credit card balances have dropped by about 40 per cent, pre-pandemic to now.

“Spending is basically falling short of inflation, so people are spending on an annualised rate of about five per cent, when inflation is running at nine per cent or 10 per cent.

“What you are not seeing yet, except at the very fringes, is credit distress.”

Mike Bradley, a senior broker at Home Owners Advice, said: “We know rates are rising, but they seem to have peaked.

“And with inflation down thankfully back below double figures we will see  more confidence entering the market.

“Those coming off fixed rate deals will have to pay more this year, but we anticipate mortgage rates to come down over time.”



Author: ED Oliver


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