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19.03.26 - 09:24
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Why are mortgage rates going up when the Bank of England base rate hasn′t changed? (The Guardian)
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To understand this you need to know about swap rates and the impact of the war in IranOn 16 January, the average rate on a new two-year fixed-rate mortgage was 4.78%, according to the financial data company Moneyfacts. Two months later, it was 5.20%. Between those two dates, the Bank of England voted to keep the base rate at 3.75%. More significantly, though, the US and Israel carried out airstrikes on Iran and a conflict broke out.The US air attacks on Iran have caused economic shocks across the world. Stock markets have tumbled, petrol and heating oil prices have gone up and there have been warnings of higher bills to come, for everything from food to holidays. All of this feeds into interest rate expectations, and from there into mortgage rates. Continue reading......
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16.03.26 - 01:12
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UK housing costs rise 41% over five years for renters and owners, study shows (The Guardian)
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Borrowers coming off fixed deals hit hard as Savills says big spike in interest payments made up half the overall rise UK households spent a record £226bn to keep a roof over their heads last year, figures showed on Monday, with mortgage borrowers finishing fixed-rate deals particularly hard hit by rising payments.Overall housing costs have gone up by £66bn over the past five years, a rise of 41%, the property group Savills said. Continue reading......
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11.03.26 - 14:06
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Average UK mortgage rate tops 5% as lenders scurry to reprice loans amid Middle East crisis (The Guardian)
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More than 500 lending products pulled in biggest single upheaval since Liz Truss's mini-budget in 2022How will war in the Middle East affect your finances?Business live – latest updatesAverage mortgage rates in the UK have flown past 5% as lenders scramble to respond to growing turmoil in the home loan market caused by the Middle East war.Nearly 500 mortgage deals have been pulled in the past 48 hours in what is the biggest upheaval since the aftermath of the 2022 mini-budget. Continue reading......
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