Tuesday, June 9, 2009
Bank of England is increasingly toothless when it comes to regulating the cost of mortgages
Average three year fixed rate mortgage: 0.18% above Libor in Oct 2008 -> 2.78% above Libor May 2009. The new face of the credit crunch is higher borrowing costs. Probably going to get far worse as Government borrowing sucks up available credit.