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UK Mortgage Rates Triple in 'Nasty Shock' for Homeowners
About 1.4 million mortgages will be refinanced this year, and most of them currently have rates below 2%.
A cul-de-sac of semi-detached houses in Greater London.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
A housing affordability crisis is brewing in the UK, with more than 1.4 million homeowners forced to refinance their mortgages this year at significantly higher interest rates.
Many will have to slash their spending on other expenses to cover the higher costs, while others may simply find it impossible to make ends meet.