Al-arab In UK | UK TREND : Approximately 10% of UK mortgage dea...

1445 ذو القعدة 16 | 24 مايو 2024

UK TREND : Approximately 10% of UK mortgage deals withdrawn amid rate uncertainties

UK TREND : Approximately 10% of UK mortgage deals withdrawn amid rate uncertainties
فريق التحرير 31 May 2023

According to data from financial data firm Moneyfacts, approximately 10% of mortgage deals in the UK have been withdrawn in response to concerns about rising interest rates. This amounts to nearly 800 residential and buy-to-let deals being pulled as lenders reevaluate their offerings.

In addition, average rates for two- and five-year fixed deals have experienced an increase. These developments come as higher-than-anticipated inflation figures have heightened expectations of future interest rate hikes in the UK.


The significant development has captured public interest, with the topic trending on Twitter. There has been active discussion among people regarding the consequences, with various factors being attributed to the situation. Some individuals are pointing fingers at the government, holding them responsible for their failures that have resulted in high inflation.



On Twitter, government critics voiced their discontent, placing blame on the Tory party and asserting that the elevated mortgage payments are a direct consequence of their failure. They argue that high inflation is a direct result of the Tory party’s shortcomings, prompting central banks to raise interest rates in an attempt to address the situation caused by their failure.


In a tweet, London Mayor Sadiq Khan joined those who attributed the escalating mortgage payments to the failures of the Conservative government. He specifically stated that the substantial increase in mortgage costs is a direct consequence of the “ Tories’ disastrous budget.”




Some individuals have expressed a different perspective, contending that the surge in mortgage rates and interest is a result of elevated inflation rates stemming from the impact of a pandemic and a war. They argue that the Conservative government should not be held solely responsible for these circumstances.



Alternative viewpoints were raised by some individuals, who raised questions about whether the responsibility for setting interest rates had been shifted away from the Bank of England. They pointed out that while high-interest rates indeed lead to elevated mortgage interest rates, it is the Bank of England, not the current government, that holds the authority to determine them.


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