Uk mortgage rates surge past 5% amid global market turmoil

UK mortgage rates have skyrocketed past 5% as lenders scramble to respond to the ongoing turmoil in the home loan market sparked by the Middle East conflict.

Unprecedented upheaval

Nearly 500 mortgage deals have been abruptlypulled from the market in the past 48 hours, marking the biggest upheaval since the aftermath of the 2022 mini-budget.

Major high street names including HSBC, Nationwide, Halifax and Barclays have all pushed through rate hikes, with HSBC announcing a second round of price increases effective Thursday.