This week has brought concerning developments for both prospective and current homeowners in the UK. Major lenders including Halifax, NatWest, Barclays and HSBC have all increased their mortgage rates.

Why Are Rates Rising? 
These rate hikes are a direct response to global economic shifts. High US inflation figures and concerns around UK inflation has created a significant uptick in swap rates – the interest banks charge to lend to one another.

What Happens Next?
The landscape is complex and somewhat precarious. Economists are divided: some predict imminent interest rate cuts to bolster the UK’s struggling economy, while others suggest a more guarded approach, with potential delays in rate cuts until later in the year.