Article 6BX7B UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates

UK homeowners and first-time buyers warned to brace for 5%-plus mortgage rates

by
Miles Brignall and Phillip Inman
from on (#6BX7B)

Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards

Households looking for a new mortgage deal have been warned to expect 5%-plus fixed-rate deals in the coming weeks, after Wednesday's inflation figures sent the money markets back into turmoil.

Nick Mendes, the mortgage technical manager at the broker John Charcol, said on Thursday that he doubted there would be any two-year fixed-rate mortgages and probably few five-year deals priced at less than 5% in the coming weeks, as lenders are forced to reprice their mortgages upwards.

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