Embarking on a journey of property financing in the UK can often involve navigating through a labyrinth of options and requirements. It’s a quest that necessitates a solid grasp of local financial mechanisms, diverse lending criteria, and the inevitable statutory commitments inherent within the process. Most notably, securing UK property investment loans is a pivotal step for a majority of buyers, given that a substantial sum will require a mortgage to purchase a home in the UK1.
Whether you’re considering a buy-to-let mortgage UK strategy or delving into commercial property finance UK avenues, this comprehensive guide speaks directly to your aspirations. It unpacks the layers of real estate financing UK-style and steers you through the distinctive property development finance UK options at your disposal.
Our guidance is tailored to assist potential homeowners and investors in understanding the role credit scores, total borrowing capacity, and the affordability of monthly mortgage repayments play in the approval process1. Furthermore, it underlines the practicalities of ID verification and the significance of reliable documents which are integral to ensuring compliance and preventing fraudulent activities1. Initiating your property quest often begins with a stroll through online property sites, complemented by the expertise of estate agents, crafting a path that transforms property acquisition dreams into tangible realities1.
Key Takeaways
- Understanding the essential role of mortgages in the UK property market1
- Navigating government schemes available for homebuyers in the UK1
- Assessing additional costs such as stamp duty or Land Transaction Tax1
- Recognizing the importance of credit scores and lender credit checks in the approval process1
- Complying with ID checks to maintain legal and financial transparency1
Understanding the Basics of Financing Property in UK
Embarking on the journey of financing property in the UK can be an intricate endeavor, but grasping its fundamentals is key to navigating this dynamic market. Whether you’re looking to acquire your first investment property or add to a growing portfolio, understanding how to harness diverse financing methods to your advantage is the cornerstone of successful real estate investment.
What is Financing Property?
Property financing encompasses the various means by which individuals or businesses can secure funds for real estate transactions. From traditional mortgages to innovative partnership arrangements, the options available are as varied as the properties themselves. In the context of the UK market, financing property in UK terms often provides a leverage point, propelling investors towards opportunities that might otherwise remain out of reach.
Types of Property Investment Strategies
Diving deeper into property investment strategies, each approach carries its own set of characteristics and risk profiles. From the steady hands-on approach of buy-to-let investments to the broader strokes of commercial real estate and the visionary realm of property development, the strategy you choose must align with your investment goals and risk appetite.
The Role of Buy-to-Let Mortgages in Investment
In the spectrum of investment strategies, buy-to-let mortgages have carved out a pivotal role. This particular brand of financing enables investors to purchase properties with the express intent of renting them out. It isn’t simply about owning real estate; it’s about generating consistent rental income and building long-term wealth.
While exploring the intricacies of property investment strategies, investors commonly encounter the concept of owner financing, which can diverge significantly from the realm of buy-to-let mortgages. This way to finance, often involving higher interest rates compared to current mortgage rates, provides a distinct set of advantages and risks. Owner financing can streamline the transaction process by obliterating the need for traditional lender involvement, appraisals, and property inspections, consequently simplifying the property buying and selling cycle2.
For example, in a typical owner financing scenario, a buyer might procure a residential asset for $80,000, paying a down payment of $25,000 and financing the remaining $55,000 through seller financing at 7% interest over a term of five years2. This strategy opens doors to financing for buyers who wouldn’t qualify under traditional criteria and for properties that don’t meet conventional financing thresholds2. Nevertheless, despite the attractive upsides, owner financing could impose higher interest rates on buyers and potentially conclude with a considerable balloon payment2.
On the seller’s end, owner financing could be a strategy for selling a property without costly renovations, yielding higher investment returns and expediting the sale by lowering due diligence demands2. However, sellers also face their own risks, such as the possibility of buyer default and the subsequent need for foreclosure proceedings2.
Assimilating these aspects of financing property in UK, including the diverse strategies and understanding the pivotal role buy-to-let mortgages play, will illuminate the pathway for real estate enthusiasts and investors alike to make informed decisions and flourish in the UK property market.
Exploring Property Financing Options in the UK
When it comes to owning a piece of the real estate market in the UK, individuals and investors are met with a variety of property financing options. Traditional bank loans often emerge as the first port of call, offering structured payment terms and competitive interest rates. However, the landscape of real estate financing UK is diverse, including alternative lending sources such as private investors and more niche financing methods like government-backed schemes.
It is critical to assess the spectrum of financing options to discern which aligns best with one’s financial standing, investment objectives, and tolerance for risk. Factors comprising interest rates, repayment schedules, eligibility criteria, and the fine print of loan agreements merit careful examination. These considerations lay the groundwork for a successful investment, guiding one toward the most appropriate financing path.
Digging deeper into financing education can provide investors with an indispensable toolkit. Courses such as the in-depth certificate course in Real Estate Economics and Finance offered by LSE’s reputable Department of Geography and Environment—ranked 2nd globally—equip participants with a blend of theory and hands-on practice, an investment in knowledge requiring 7-10 hours weekly over eight weeks3. With tuition set at £2,200, this educational investment culminates in acquiring an LSE certificate of competence, a testament to one’s enhanced capability to navigate complex financing waters3.
Diverse financing avenues open multiple doors for stakeholders in the UK property market. Understanding and utilizing the right financing strategy could mean the difference between mediocre returns and a robust investment portfolio.
Amidst the array of financing options, it’s also worth considering the implications of interest-only and repayment mortgages, bridging loans, and the growing peer-to-peer lending platforms. Each presents unique benefits and drawbacks, making it imperative that one scrutinizes them in light of their investment strategy and long-term goals. The right financing solution can propel an investor’s market position and portfolio value significantly.
- Bank Mortgages: Offer stability in terms and conditions, but may come with stringent eligibility requirements.
- Private Investors: Flexible and negotiable terms but potentially higher interest rates.
- Government-backed Schemes: Favorable rates but may come with usage restrictions.
- Educational Investment: A solid understanding of market dynamics and financial strategies can shift the tide in favor of the investor.
As the UK real estate market continues to flourish, the savvy investor keeps a vigilant eye on evolving property financing options. Balancing risk, flexibility, and cost efficiency becomes the strategic play, underscoring the essence of informed decision-making in the arena of real estate financing UK.
How to Secure the Best UK Property Investment Loans
Investing in UK property requires a strategic approach to financing, with a focus on securing investment loans that offer both value and stability. A smart move for potential investors is to thoroughly research the available options to find loans that provide competitive rates and are suited to one’s financial profile.
Shop Around for Competitive Rates
With the UK being home to one of the largest mortgage markets, amounting to 13.5 million mortgages valued at around £1.7 trillion4, it’s vital to explore diverse lending sources to secure competitive rates. Historically, as of May 2023, the average house price stood at approximately £285,8614, underscoring the need for diligence in loan selection. Rates for buy-to-let mortgages usually ranged from 5% to 7.5%, depending on various factors, including loan-to-value ratios and credit scores4.
Consider Loan-to-Value Ratios
A critical aspect of financing is the loan-to-value ratio, which profoundly influences the borrowing experience. In the UK, lenders conventionally require a deposit of about 25% for commercial mortgages4, while some mortgages extend the facility of a guarantor for no-deposit products. The average loan-to-value ratio communicates the level of risk the lender is willing to take, and also impacts your potential interest rates and approval chances.
Understanding the Impact of Credit Scores
The significance of an investor’s credit score can’t be overstated in the realm of securing UK property investment loans. A good credit score not only facilitates the unlocking of investment loans with favorable terms but also serves as a trust signal to lenders. Adverse credit can lessen one’s bargaining power and may result in higher interest rates or even loan denial.
It’s illuminating to note, that mortgage rates in the UK have seen a steady incline, peaking to unprecedented levels since August 20084. Such market trends necessitate the monitoring of rates continuously to seize the most advantageous deals when they emerge.
To encapsulate, finding the right UK property investment loan requires a blend of awareness about competitive rates, astute consideration of loan-to-value ratios, and a robust credit score—all woven together to ensure a successful and profitable investment journey in the UK property market.
Maximizing Returns on Buy-to-Let Mortgage UK Investments
As the UK property market evolves, savvy investors are leveraging buy-to-let mortgage UK opportunities to bolster their portfolios. With the average rental yield currently sitting between 5% and 8%5, meticulous calculation and strategic selection are paramount for maximizing returns. By honing in on high-yielding areas such as the North East, Scotland, and the North West5, which command robust rental yields, investors can craft a portfolio that aligns with the market’s most lucrative segments.
Rental income is the lifeblood of the buy-to-let investment, and landlords must balance potential rental earnings with the ongoing and initial costs associated with property investment. Regions like Sunderland, Dundee, and Burnley not only offer enticing average rental yields around 8%5, but also illustrate the diversity of prospects across the UK. Effective research into property trends and local economies can substantially affect your investment’s ROI, underscoring the importance of location and property type in your investment decision-making process6.
It’s not merely about the initial yield; driving long-term profitability necessitates a balanced approach to property management and upkeep. Investors are encouraged to budget for maintenance, plumbing, electrics, and heating to safeguard the asset’s value and maintain optimal living conditions for tenants5. While higher rental yields are attractive, they must not come at the cost of excessive investment upkeep which can result in difficulties attracting or retaining tenants5. Moreover, as the buy-to-let sector matures, property owners need to acknowledge emerging factors such as EPC ratings, with current legislative trajectories pointing towards mandatory upgrades to a ‘C’ rating by 2028 for letting purposes7.
As the market adapts, so do the financial frameworks governing property investment. Today’s landlords grapple with a 3% stamp duty surcharge on additional properties and diminishing mortgage interest offsets against income tax7. Amid these shifting sands, the investor demographic remains diverse, with the average age of a buy-to-let investor in the UK at 59, and a small yet dynamic portion of investors under 45 taking the plunge7. These evolving dynamics paint a nuanced picture of the buy-to-let landscape, revealing opportunities in strategy adoption—like structuring investments as limited companies—to mitigate tax impacts7.
The confluence of rental yield benchmarks and the strategic use of data enable investors to forecast investment performance more accurately. For example, a robust rental demand analysis and a thorough calculation of all associated costs can serve as reliable indicators for informed decision-making6. Here, decision-makers should draw on historical rental data, precisely calculate investment ROI, and carefully strategize property enhancements to remain competitive6.
Maximizing returns in the UK’s buy-to-let market hinges on alignment—between yields, costs, and management acumen—while maintaining a firm grasp on the evolving legal and financial landscape. Smart, driven investors will continue to find opportunities in this intricate but rewarding field.
| Location | Average Rental Yield (%) | Average UK Rent Increase (%) | Strategies for Maximizing Returns |
|---|---|---|---|
| Scotland, North East, North West | Up to 8.6 | 9.8 | Balanced asset management, upscaling EPC, leveraging local economic growth |
| Sunderland, Dundee, Burnley | ~8 | — | Researching local tenant demand, optimizing property types to suit market trends |
| Birmingham | 4.36 | — | ROI-centric asset selection, long-term tenant strategies, diversifying property portfolio |
| London | Variable; high deposit requirement | — | Intensive cost-benefit analysis, upscale to premium property segment, stakeholder management |
The Benefits and Risks of Commercial Property Finance UK
Delving into the world of commercial property finance in the UK presents a plethora of opportunities coupled with some inherent risks for the astute investor. The complex interplay of market forces, financial regulations, and economic shifts demands a well-informed approach to navigating this landscape.
An attractive facet of investing in commercial real estate is the potential for higher returns, driven by longer leases and benefits of diversification in an investment portfolio. The landscape embodies a dynamic where local authorities have become significant players, with an estimated £6.6 billion spent on commercial property from 2016-17 to 2018-198. Yet, this surge in investment by local authorities, standing at 14.4 times more than in the preceding three years8, has prompted scrutiny and regulatory responses, such as the 100 basis points rise in Public Works Loan Board lending rates8.
Advantages of Investing in Commercial Real Estate
The allure of commercial real estate as an asset class hinges on its capacity to afford investors lucrative benefits. With 17.5% of all commercial property acquisitions in the South East during 2016-17 to 2018-19 made by local authorities8, it is clear that the sector is seen as a valuable component of robust investment portfolios.
Potential Pitfalls in Commercial Investments
Despite appealing prospects, investors should proceed with caution. A significant portion of local authorities’ expenditures—over £2.3 billion—was earmarked for retail properties, which carry the risk of longer vacancy periods in today’s shifting consumer landscape8. Moreover, with a 28.7% real-terms reduction in local authorities’ spending power from 2010-11 to 2019-208, the fiscal resilience of commercial investments under changing economic conditions is an area of concern.
Navigating Financial Regulations and Taxes
Investing in commercial property is not without its complexities, especially when considering the array of financial regulations and taxes that govern the sector. Notably, 38.0% of local authorities’ commercial property acquisitions by value in the period 2016-17 to 2018-19 were situated outside their boundaries8, illustrating a bold move to diversify geographically but also introducing additional regulatory and tax implications.
The overarching theme is one of balance between seizing potential bounties and acknowledging associated uncertainties. While local authorities have increased their stock of external borrowing to £14.3 billion between the end of March 2016 and end of March 2019, investors should weigh the implications of rising debt levels and the tweaks in lending criteria on the market’s overall stability8.
Navigating Finance for UK Property Purchase for US Investors
For US investors eyeing the UK real estate market, understanding the nuances of cross-border investments is critical. With a focus on finance for UK property purchase, tax implications, and establishing an essential support network, this section delves into the intricacies US investors must navigate.
The Buying Process for International Investors
The journey towards ownership of UK property starts with a comprehensive grasp of the buying process. US investors must acquaint themselves with local market practices, legal contracts, and the necessity for due diligence. The harmonization of one’s financial standing with the UK’s property investment landscape is a pivotal step, often necessitating the aid of expert financial advisors and real estate professionals.
Tax Implications and Management for Foreign Owners
Investment does not conclude with procurement; tax implications are a vital facet for contemplation. The sphere of UK property taxes, including Stamp Duty Land Tax and inheritance tax, can impact US investors significantly. Strategic tax planning and advice from specialized accountants are cardinal to navigate these waters, ensuring compliance and tax-efficiency. Notably, issues echoing UK fund market turbulence, where entities such as M&G, St James’s Place, and Canada Life Asset Management have moved to shut down funds amidst heavy withdrawals9, highlight the importance of a thorough financial analysis for investors.
Building a Support Network of Professionals
Establishing a robust support network including savvy real estate agents, shrewd lawyers, and astute accountants forms the backbone of successful property investment in the UK. This network is fundamental, providing the proficiency and insight necessary to maneuver through complexities, such as those reported in the financial sector, where sweeping reforms are proposed to diminish risks in property funds9.
In the shadow of recent market shifts, evidenced by the significant outflow of funds, leading to a reduction in the UK property fund market’s value9, the path to a successful UK property investment for US investors demands a meticulous approach. To this end, professional guidance is exceedingly valuable, as it can preempt and address the specific concerns stemming from such market dynamics.
In essence, while the finance for UK property purchase represents an avenue lined with potential, it is navigated most effectively with appropriate foresight, support, and understanding of the immediate financial climate, illustrated by recent trends and regulatory shifts within the UK’s property fund sector9.
Property Development Finance UK: Enabling Construction Dreams
Fostering progress and urban transformation, property development finance in the UK is the linchpin for investors and builders. Offering a mosaic of options—from traditional mortgages to innovative crowdfunding—each financial tool serves different facets of the development lifecycle. Here, we delve into the multifaceted world of property development loans and construction financing, highlighting paths to unlock potential and catalyze construction ventures.
As the UK’s landscape of real estate evolves, a diverse range of construction financing options comes to the fore, spotlighting the intricacies of project funding. Bridging loans, for instance, answer the call of developers seeking immediate funds under the pressure of tight deadlines, providing the crucial short-term finance for swift acquisition and development10. At the juncture of debt and equity lies mezzanine financing, a flexible solution that supplements primary loans to round out a project’s total capital needs10.
Equity financing ushers in a collaborative era where investment and ownership converge, enabling collective participation in property ventures10. This engagement is further amplified through crowdfunding platforms, democraticizing real estate investment and pooling resources for diverse property projects10. In contrast, asset-based lending privileges the tangibility of real estate, allowing developers to harness the equity of existing properties to fund new endeavors10.
The synergy of proper financing and a cohesive strategy is encapsulated in the table below, presenting a comparative view of various property development finance mechanisms in the context of a project’s lifecycle:
| Finance Type | Stage of Project | Benefits |
|---|---|---|
| Buy-to-let Mortgages | Post-construction | Generates continuous rental income for long-term stability10 |
| Commercial Mortgages | Completion and operation | Targets business occupancy in commercial assets like offices and retail spaces10 |
| Bridging Loans | Pre-construction and auctions | Addresses funding gaps swiftly10 |
| Mezzanine Financing | Construction phase | Provides additional capital without forfeiting equity10 |
| Crowdfunding | Any stage | Allows multiple investors to collaborate financially10 |
| Asset-based Lending | Land acquisition and early construction | Leverages existing property value for new projects10 |
Aligned with regulation and collaboration, property development finance UK must mesh with national standards and expert guidance. Planning permission and building regulations are unequivocal elements for a development’s inception and execution, ensuring compliance with health, safety, and environmental mandates11. Additionally, government-backed programs could offer the financial propellant required for a transformative project, balancing practicality with visionary urban development11.
In summation, the arsenal of property development loans in the UK is robust, offering nuanced financial structures tailored for each developmental undertaking. Property developers must carefully assess the suitability of each option against their project’s timeline, financial scope, and regulatory compliance—cementing not just buildings but a legacy in urban topography.
Choosing the Best Property Financing Companies UK
When embarking on the journey to secure funding for property investments, identifying top property financing companies in the UK is paramount. A stellar financing partner offers more than mere capital; they provide a foundation for the growth and stability of your investment. Below, we delve into essential criteria and compare key financial factors to aid you in this critical decision-making process.
Criteria for Selecting a Reliable Financing Partner
Selecting a reliable financing partner is critical to ensure that your property investment goals are met with professionalism and expertise. Factors such as the company’s history, financial stability, and the breadth of loan products they offer should be at the forefront. You’ll want to assess whether they provide loan types suitable for your property investment, such as Fixed-rate mortgages, Adjustable-rate mortgage (ARM), and FHA & VA loans, among others12. A reliable financing partner will also present flexible down payment options, potentially as low as 3% with programs like the Affordable Loan Solution® mortgage12.
Comparing Loan Terms and Customer Service
The loan terms provided by property financing companies should be thoroughly evaluated. Key factors to compare include the mortgage rates for various loans—be it a 30-year fixed, 15-year fixed, or a 5y/6m ARM variable loan12. Understanding points payable on mortgages and estimating monthly payments for different types of loans will play a significant role in your financial planning12. The APR for different loan types is another crucial factor to consider when scrutinizing loan terms12. Beyond the numbers, customer service excellence stands as an important benchmark for a seamless financing experience. The responsiveness, transparency, and support from the financing company’s team can greatly impact your investment journey.
Reviews and Reputation in the Market
The reputation of the financing company in the market is often illuminated by customer reviews and industry acknowledgments. Seeking out feedback from other investors and analyzing the company’s standing in the sector can uncover invaluable insights. Moreover, the company’s adaptability to market changes and its commitment to ethical business practices can further cement its stature as a leading financing authority.
Additionally, integrating available mortgage programs that consider the unique financial scenarios of different borrowers – including programs for doctors or housing assistance schemes with lower down payment options – indicate a company’s commitment to tailored customer service12.
Below is a comparative table summarizing pertinent data on loan features offered by property financing companies:
| Loan Type | Purchase Price Range | Down Payment Requirement | Estimated Monthly Payment | APR% |
|---|---|---|---|---|
| 30-year Fixed | $60,000 – $2.5 million | 5% or more | $XXXX | X.XXX |
| 15-year Fixed | $60,000 – $2.5 million | 5% or more | $XXXX | X.XXX |
| 5y/6m ARM Variable | $60,000 – $2.5 million | 5% or more | $XXXX | X.XXX |
Consider exploring special grants like the Homebuyer Access GrantSM, which provide a $10,000 grant for down payments, though with restrictions like not being usable for Wells Fargo REO property purchases and specific tax implications on the grant funds received13.
Ultimately, selecting the best property financing company in the UK requires a blend of financial acumen and due diligence. Quality customer service, competitive loan terms, and a robust market reputation stand as critical pillars for a truly reliable financing partner. In your quest to expand your property portfolio, these elements will contribute to a potentially lucrative and sustainable investment.
Conclusion
Navigating the landscape of financing property in the UK is a multifaceted endeavor that requires astute knowledge of the market and its various financing mechanisms. The insights offered in this property financing guide can empower both US investors and local buyers aiming to navigate the complexities of real estate investment. With a historically robust growth of 6.9% per year in house prices since 198014, the potential for lucrative opportunities is evident, yet challenges persist in the form of escalating prices, stringent mortgage regulations, and shifting demand.1516
Recent trends demonstrate a stark reality, as the UK housing market witnesses a decline in property sales from the 2006 peak to a recovery in 201314, amid market ambivalence and regulatory adjustments that impact both home buying and rental sectors.15 The importance of being financially informed and strategically agile cannot be overstated, particularly when high rental demand and the expectation of rising rental prices challenge affordability,15 while regulatory frameworks strive to maintain stability and support through higher interest rates.16
In summary, success in financing property in the UK hinges on a comprehensive grasp of market dynamics, thoughtful assessment of financing options, and a vigilant eye on economic factors influencing affordability and investment viability. This guide is designed to shepherd you through that process, leading towards informed decisions that undergird successful property investment ventures. Future homeowners and investors alike are invited to leverage this knowledge to surmount any hurdles and capitalize on the opportunities that the UK’s property landscape offers.141516
FAQ
What is financing property?
Financing property involves obtaining funds to purchase or invest in real estate through various financing options such as loans, mortgages, or partnerships.
What are the types of property investment strategies?
Types of property investment strategies include buy-to-let, commercial property, and property development.
How do buy-to-let mortgages work in property investment?
Buy-to-let mortgages allow investors to purchase properties specifically for renting them out and generating rental income.
What are the financing options available for property investments in the UK?
Financing options for property investments in the UK include traditional bank loans, mortgage lenders, private investors, and government-backed schemes.
How can I secure the best investment loans for UK property?
To secure the best UK property investment loans, it is advised to shop around, compare loan offers from different lenders, and consider factors such as interest rates, loan terms, and loan-to-value ratios.
How can I maximize returns on buy-to-let mortgage investments in the UK?
To maximize returns on buy-to-let mortgage investments in the UK, it is important to carefully select properties with high rental potential, consider location, property type, and potential rental income, and effectively manage the property for rental income and long-term profitability.
What are the benefits and risks of commercial property finance in the UK?
The benefits of commercial property finance in the UK include potential higher returns, long-term leases, and diversification. However, there are risks such as higher upfront costs, longer vacancy periods, and potential market volatility.
What should US investors know about financing property purchase in the UK?
US investors looking to purchase property in the UK should understand the buying process for international investors, including legal requirements and documentation, tax implications and management for foreign owners, and the importance of building a support network of professionals.
How can I finance property development projects in the UK?
Financing property development projects in the UK can be done through various options such as property development loans, construction financing, and funding sources specific to development projects.
How can I choose the best property financing company in the UK?
When choosing the best property financing company in the UK, it is important to consider criteria such as reputation, experience, expertise in property financing, compare loan terms, interest rates, and customer service offerings, and review the company’s reputation in the market.
Source Links
- https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy
- https://www.forbes.com/advisor/mortgages/owner-financing/
- https://www.lse.ac.uk/study-at-lse/online-learning/courses/real-estate-economics-and-finance
- https://www.expatica.com/uk/housing/buying/your-guide-to-uk-mortgages-747470/
- https://www.natwest.com/mortgages/buy-to-let/buy-to-let-mortgage-guide/why-rental-yield-is-so-important.html
- https://www.europeanbusinessreview.com/how-to-maximize-returns-in-uk-property-investment/
- https://www.thisismoney.co.uk/money/buytolet/article-11968909/How-generation-buy-let-investors-prosper.html
- https://www.nao.org.uk/wp-content/uploads/2020/02/Local-authority-investment-in-commercial-property-Summary.pdf
- https://www.ft.com/content/99b8f61a-ae45-4961-8513-83fd3e6ee967
- https://www.finance-monthly.com/2023/10/navigating-the-world-of-property-finance-a-comprehensive-guide/
- https://www.slideshare.net/LandmarkEstates/5-frequently-asked-questions-about-uk-property-development-landmark-estates
- https://www.bankofamerica.com/mortgage/home-mortgage/
- https://www.wellsfargo.com/mortgage/
- https://www.ons.gov.uk/peoplepopulationandcommunity/populationandmigration/internationalmigration/articles/housingandhomeownershipintheuk/2015-01-22
- https://www.ft.com/content/4ca0eac8-826b-493a-a31c-011bbee41b30
- https://www.bankofengland.co.uk/financial-stability-report/2023/july-2023
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