Summary
Typical mortgage costs are now £788 more per year compared to before the conflict involving the US and Israel in Iran started at the end of February. This change affects a 25-year mortgage of £250,000 with an average two-year fixed interest rate of 5.28%. The data shows that mortgage rates have increased due to the geopolitical situation.
Key Facts
- A typical mortgage is now £788 more expensive annually than before the Iran conflict involving the US and Israel.
- The comparison is for a 25-year mortgage of £250,000.
- The average two-year fixed mortgage rate is currently 5.28%.
- Major lenders have removed mortgage deals with rates below 4%.
- The average fixed rate for a two-year mortgage increased from 4.83% in March to 5.28%.
- A five-year fixed mortgage rate has risen from 4.95% to 5.32%.
- The Bank of England's rate-setting committee will meet later this week, which can affect variable-rate mortgages.
- "Trumpflation" is expected to cause further economic changes due to the US and Israel's actions in Iran.
