A hung parliament could see people’s mortgage debts increase. The Times reports that many brokers believe a close election would result in the cost of new mortgages rising by £1200 a year. If there is no clear majority after May the 6th, Ray Boulger of mortgage broker John Charcol predicts the wholesale cost of funding a five-year mortgage will rise from 2.9 percent to around 3.5 percent. According to the newspaper, that could see the average fixed rate mortgage rising from 5.85 percent to 6.45 percent. It would see those with a £200000 home loan paying around £100 extra each month.
Hung parliament: mortgage debt fears
April 13, 2010 By
