- Conflict in the Middle East has led to over 500 mortgage deals being withdrawn from the UK market in the past week.
- The average rate for two-year fixed mortgage deals has surpassed 5 per cent, marking the first time since August.
- The Bank of England's Monetary Policy Committee unanimously voted to hold the base rate at 3.75 per cent, citing concerns that the US-Iran conflict will increase inflation through rising energy costs.
- This decision comes despite earlier expectations for a base rate cut, with experts now anticipating a rise in inflation due to global oil trade disruption.
- Major lenders, including Nationwide, Barclays, and HSBC, have removed their sub-4 per cent mortgage offerings, and there is a possibility of a base rate increase later this year if current uncertainty persists.
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