Mortgage rates hit fifteen year high, passing peak they reached after Truss mini budget fiasco

The last time two-year fixed deals were higher than this was during the financial crisis in August 2008, when the average was 6.94 per cent.

Labour has accused the Conservative party of overseeing a “mortgage catastrophe”. UK Finance, the trade association for the banking industry, has said that about 700,000 borrowers will be coming off deals below 2.5 per cent this year and that homeowners are now spending the highest proportion of their income on repayments on new mortgages since 2008.

Lenders have been pulling their cheapest deals with little-to-no-notice and relaunching them at a higher price, leaving homeowners facing steep increases to their monthly bills.with mortgage rates predicted to reach 7 per cent by the end of summer.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mortgage rates soar to cusp of mini-budget peakLenders will be questioned in front of MPs on Tuesday as homeowners face higher monthly payments.
Source: BBCNews - 🏆 3. / 97 Read more »

Mortgage rates soar to cusp of mini-budget peakIf the average two-year rate rises above 6.65% it will be the highest since 2008, according to financial information service Moneyfacts.
Source: BBCLondonNews - 🏆 115. / 51 Read more »

Mortgage crisis: How to negotiate the housing minefieldAs the mortgage crisis continues, HeatherL_Star and MattPanterMedia take a look at how to navigate the housing world.
Source: ShropshireStar - 🏆 98. / 51 Read more »

Homeowners rush to sign new mortgage deals on UK rate rise fears\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
Source: FT - 🏆 113. / 51 Read more »