While British households head into a winter of soaring energy costs, a tumbling currency and nearly double-digit inflation, the country's banks are in line for a handsome payday as mortgage prices spike after a decade of stagnation.
Banks are finding the home loan market stacked in their favour after years of low mortgage rates, but are also aware that bigger mortgage bills could spell trouble for cash-strapped customers.
Britain's mortgage market was plunged into chaos last month when the country's new finance minister Kwasi Kwarteng unveiled a so-called "mini-budget" that promised billions of pounds of unfunded tax cuts. One senior banker said they had seen three times as many remortgage applications than normal in the week after Kwarteng's mini-budget, and had to redeploy staff to cope with a spike in customer calls.
Those average rates were both around 4.75% on Sept 23 before Kwarteng's fiscal giveaway, and were between 2-3% in October last year, Moneyfacts data showed.Banks are raising mortgage rates to get ahead of expected Bank of England rate rises, with money markets pricing in benchmark rates hitting nearly 6% next year, based on Refinitiv data.
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