Expert issues warning amid fears rates could hit 5.5% by November as hundreds of deals axed already

Bank experts have warned of mortgage chaos for homebuyers amid fears that rates could reach 5.5 per cent by November – as the International Monetary Fund slams Kwasi Kwarteng over his ‘untargeted’ economic plan.  

HSBC and Santander have suspended new mortgage deals amid fears that homeowners could be forced into selling their homes or take up a second job to combat ‘catastrophic’ rises in their monthly repayments.

Nationwide, meanwhile, became the first big name lender to hike its fixed-rate deals yesterday, with the bank’s two-year rate rising to 5.59 per cent – more than double the 2.54 per cent it was offering three months ago.

Lenders are taking drastic steps after analysts warned the base rate could surge to six per cent next spring. Such a move would increase repayments for the average household by up to £800 per month, or £9,600 annually, by the middle of next year. 

In the subsequent scramble, around 365 mortgage deals are understood to have been axed already. as Mr…

Read the Full Article Here Dailymail

Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

Leave a Reply

Your email address will not be published. Required fields are marked *

Tropical storm Noru hits Vietnamese coast, downgraded but still risk of floods | News | DW

Jeopardy! Champion Amy Schneider Marries Genevieve Davis