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S&P Credit Research4257 word report
published Sep 27, 2007
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$500.00 available for immediate download
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S&P Credit Research
| Abstract: | U.K. mortgage borrowers are coming under increasing strain from rising interest rates. Five hikes in the Bank of England base rate since last summer would have been testing enough. But recent events in financial markets has meant an even sharper increase in wholesale funding costs for lenders, who are passing those costs on to borrowers in the mortgage rates they offer. Borrowers with floating-rate loans have already seen their monthly mortgage payments rise as a result. However, the majority of U.K. mortgage lending currently takes the form of short-term fixed-rate loans, which only reset to a floating rate after two or three years. This could prove a concern for many borrowers who took out fixed-rate loans between late 2005 and
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| Brief Excerpt: | RESEARCH Ratings Definitions Payment Shock Approaching For Borrowers In U.K. Nonconforming RMBS Publication date: 27-Sep-2007 Surveillance Credit Analysts: Andrew South, London (44) 20-7176-3712; andrew_south@standardandpoors.com...
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| Report Type: | Commentary
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| Sector: | Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Real Estate Companies, Residential MBS, Servicer Evaluations, Structured Finance
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
