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A spike in global oil prices following recent Iranian strikes has triggered an unexpected surge in UK mortgage rates, economists warn. The Bank of England now faces a delicate balancing act between inflation control and economic stability.
The Bank of England is set to maintain interest rates at 5.25% next week as geopolitical tensions from the Iran conflict drive economic uncertainty. Analysts warn of prolonged inflation risks tied to disrupted oil supplies and supply chain shocks.
Homebuyers face an annual £788 hike in typical mortgage payments compared to pre-Iran war levels, new analysis shows. The surge reflects rising interest rates and economic instability linked to regional tensions.