The first UK interest rate increase in over a decade has variable-rate mortgages climbing while buyers into Britain’s prime housing market will feel no pain. The rate increase, from 0.25 percent to 0.5 percent was announced Thursday, which Knight Frank Finance’s managing partner Simon Gammon told Mansion Global would “immediately” effect variable-rate mortgage borrowers’ wallets. “This quarter point increase translates into an extra £250 [$327] a year in interest for every £100,000 [$131,000] of borrowing,” […]