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The Guardian - How to survive UK mortgage turmoil as rates go up and deals are pulled

The Guardian - How to survive UK mortgage turmoil as rates go up and deals are pulled

How to survive UK mortgage turmoil as rates go up and deals are pulled
Homebuyers have to try to navigate their way to an affordable deal with no help in the budget to ease the pain.
The average mortgage rate that UK homeowners are paying is set to rise steadily over the next three years, and peak at 4.2% in 2027, according to an official prediction last week.
The Office for Budget Responsibility (OBR), the Treasury’s tax and spending watchdog, says this is significantly higher than the 2% figure just over two years ago.
It is the latest frustrating news for homeowners, and would-be first-time buyers, following chancellor Jeremy Hunt’s budget, which offered no relief for most – there was not a single mention of the word “mortgage” in either his speech or the main budget document.was not a single mention of the word “mortgage” in either his speech or the main budget document.
The OBR forecast coincided with a string of lenders, including Barclays and HSBC, increasing rates on many new products or pulling deals. Experts Discuss:

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Link to Original Article: The Guardian - How to survive UK mortgage turmoil as rates go up and deals are pulled