UK Economy

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Senseibu

theinspectorst@kbin.social

Average two-year mortgage rate close to 6% (www.bbc.co.uk)

submitted 1 year ago by tom to c/ukeconomy

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Wonder what has caused the sudden rise in the last few months

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[–] TerryCustard 8 points 1 year ago (1 children)

Brokers have described a vicious circle of lenders putting up rates at short-notice, then borrowers grabbing deals, leaving lenders inundated and having to pull or raise rates again.

Apparently it’s our fault for actually buying the things on the market.

[–] Senseibu 2 points 1 year ago (1 children)

I’m starting to wonder when they will come down, I hope it’s back around 3% in 2025 when I need to renew

[–] TerryCustard 1 points 1 year ago

God forbid you grab a deal, the next rise will then be on you! (My wife talked me into a five year fix in 21 when I only wanted to go for two - I’m very grateful to her for that (well, for the time being, god knows what rates will be like in 2026))