Evening Standard - HSBC and Nationwide hike mortgage rates as Iran was fallout hits borrowers

HSBC, Nationwide and Virgin Money have become the first major high street lenders to push through increases in the cost of fixed rate mortgages since the start of the war in Iran.

Aaron Strutt, product director of brokers Trinity Financial, told The Standard: “If rates only go up by 0.25% then it won’t be as bad, but it seems like there is a long way to go before the conflict in the Middle East is resolved and this means more uncertainty in the money markets. This often leads to higher borrowing costs which are then passed onto consumers and lead to higher rates.

“It seems almost certain we are going to see a lot more rate changes over the coming days so if you are on the hunt for a mortgage, it is worth locking into a new deal now.

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