Millions of mortgage holders in the United Kingdom are facing large increases to their monthly payments after the government’s controversial plan to slash taxes and massively increase spending spiked borrowing costs across the economy.
The government has since walked back those plans, reversing almost all the tax cuts it had announced last month on Monday. But investors remain on edge, keeping borrowing costs high.
With bond yields elevated and inflation near 10% in Britain, the Bank of England is widely expected to hike interest rates more aggressively when it meets on November 3. That will in turn increase the mortgage rates charged by banks and other lenders.
Many mortgage holders are now facing higher costs, while some aspiring homeowners are worried that they won’t be able to afford a mortgage at elevated rates.
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