🔴 Mortgage rates have surpassed the level they reached after the fallout from the mini-Budget last October, as the home loan crisis continues to deepen
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.
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