The Traderszone Network

Published in TZ Latest News 4 November, 2017 by The TZ Newswire Staff

What the UK’s interest rate hike means for the housing market

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,” […]

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