Experts predict further increases in mortgage rates

Experts are warning that Britain is heading for its worst financial crisis in decades, the Daily Telegraph reported this week. Economics Editor of the Daily Telegraph, Edmund Conway, says the prevailing economic climate is reminiscent of the financial crises experienced in the UK in the 1970s, when inflation sky-rocketed and virtually crippled the economy.

The bleak prediction came as Britain’s biggest mortgage lender, Halifax Bank of Scotland, lost thirteen per cent of its value amid fears that its profits will be severely affected by the global credit crunch. Conway says that although predictions made by analysts concerning a recession, mass job loss and diving house prices have thus far proved to be unfounded, homeowners should still be wary of the recent economic climate. “Anyone with a mortgage, or indeed anyone considering buying a house, would be unwise to ignore the recent chaos,” he says. In recent months the average mortgage rate paid by British households has risen steadily, even though the Bank of England has cut interest rates twice.

Conway says that as a result of the financial problems in New York and London, UK banks have suddenly found themselves both strapped for cash and unable to borrow, and have resorted to raising loan rates in an effort to improve their balance sheets. Conway predicts that mortgage rates will keep rising for some time, putting additional strain on homeowners who are already suffering from the effects of the credit crunch.

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