Typical new mortgage costs £788 a year more than before Iran war
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The ongoing conflict in Iran has led to a significant increase in mortgage costs, with the typical new mortgage now costing £788 more annually than before the war. Lenders are responding to the heightened uncertainty in the markets by raising rates on new deals and withdrawing various mortgage products. This shift reflects broader economic concerns stemming from geopolitical tensions.
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The increase in mortgage costs comes at a time when many potential homebuyers are already facing challenges due to rising living costs and inflation. The withdrawal of mortgage products by lenders indicates a cautious approach to lending in an uncertain environment, which could further constrain access to home financing.
This article is for informational purposes only and does not constitute financial advice.
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