MORTGAGE DEALS DISAPPEARING – WHAT’S BEHIND IT? – TIMES MONEY MENTOR

Nearly 800 mortgage deals have been withdrawn by lenders after higher-than-expected inflation figures raised forecasts of how much UK interest rates will go up.

The Bank of England increased the base interest rate for the twelfth consecutive time in May. This was done in an attempt to lower inflation, which has remained near a record-high for the past year.

The annual inflation rate fell from 10.1% in the year to March to 8.7% in April, indicating a degree of success. However, this is still far higher than the Bank of England’s annual inflation target of 2%.

This has led analysts to project further increases to the base interest rate in 2023. It is thought it could climb as high as 5.5% by December. Previous forecasts anticipated a peak of around 5%.

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