• 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
    Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwardsHouseholds 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, mortgage technical manager at brokers John Charcol, said on Thursday that he doubts that there will be any two-year fixed-rate mortgages and probably few five-year deals priced at less than 5%

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