British homeowners are facing sharply higher mortgage costs as refinancing becomes more expensive, with an average annual increase of over £800 linked to rising borrowing rates tied to geopolitical tensions. The financial strain comes as nearly one million households have moved off fixed-rate deals since early this year, according to central bank figures. Economists warn the squeeze on spending power could deepen as mortgage holders adjust to the new reality of higher interest payments. The latest data underscores how global conflicts are rippling through domestic finances, leaving families reassessing their budgets.
Burnham is heading to New York for the United Nations general assemblyIf Andy Burnham wanted to inject some edge into his meeting with Donald Trump later (which he doesn’t), he could bring along a copy of today’s Financial Times. This front page headline speaks for itself.Mortgages ‘on the front line’ as Iran war deals £840 blow to homeownersBritish homeowners are paying an average of £840 a year more when they refinance their mortgages, as the rising borrowing costs triggered by the Iran war start to impact consumers’ spending power.Approximately 1m households have rolled off fixed-rate mortgage deals since February, according to Bank of England data. Continue reading...
