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The Guardian - UK
The Guardian - UK
Business
Zoe Wood

Average UK mortgage rate tops 5% as lenders scurry to reprice loans amid Middle East crisis

United Kingdom Middle East Adam French HSBC United States
an aerial view of streets of terrace houses
Nearly 500 mortgage products have been withdrawn in the past 48 hours. In 2022, after the mini-budget, 935 products ‘disappeared in a single day’. Photograph: Neil Hall/EPA

Average mortgage rates in the UK have flown past 5% as lenders scramble to respond to growing turmoil in the home loan market caused by the Middle East war.

Nearly 500 mortgage deals have been pulled in the past 48 hours in the biggest upheaval since the aftermath of the 2022 mini-budget.

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