Typical new mortgage costs soar £788 a year in two weeks
Key Takeaways
- Typical new 25-year, £250k mortgage costs £788/year more than before the Iran war began.
- Lenders have hiked rates and withdrawn deals since US-Israel strikes on Iran.
- Moneyfacts data show £250k 25-year mortgage at 5.28% two-year fixed rate.
Cost rise for typical mortgage
A typical mortgage taken out now is £788 a year more expensive than before the Iran war began, new data has revealed.
“A typical mortgage taken out now is £788 a year more expensive than before the Iran war began, new data has revealed”
Lender rate hikes since strikes
The figures, compiled by financial information service Moneyfacts, show how lenders have hiked rates and withdrawn deals since the US-Israel strikes on Iran began at the end of February.
Five-year rate impact
For a typical mortgage, that means a five-year fixed deal is now £651 more expensive than a fortnight ago, Moneyfacts said.
“A typical mortgage taken out now is £788 a year more expensive than before the Iran war began, new data has revealed”
Product availability and market context
The data shows 689 fewer mortgage products are available than on 9 March, representing almost a tenth of the market.
