FHA Book

Rates Rising Across the Pond

Rising interest rates are more than just an American problem, as shown by an article that made the homepage of the UK’s Daily Mail website. The Mail, one of London’s top paper’s, reports that many homeowners could face trouble as their monthly payments rise.

If rates do go up next month, borrowers with a £200,000 loan still exposed to a lender’s standard variable rate will have seen monthly repayments increase by £187.69 from £1,242.48 to £1,430.17 in a year.

For the record, 1 British pound is currently worth $2.05. Good for Brits coming to America. Bad for Americans going to Britain.