UK homeowners brace for more mortgage pain as borrowing costs shoot up | CNN Business

The yield on the country’s two-year government bonds — which is used to set interest rates on mortgages — jumped to 4.87% on Tuesday. That is the highest level since the 2008 financial crisis and above the peak hit last fall when the UK government bond, or gilt, market was thrown into turmoil by the prospect of unfunded tax cuts and higher borrowing planned by then-Prime Minister Liz Truss.

With 800,000 fixed-rate mortgages due to expire in the latter half of this year, according to UK Finance, an association of banks and financial service providers, borrowers are bracing for another nasty shock to their monthly outgoings when they refinance. Major lender HSBC\n \n told CNN that it had temporarily withdrawn some of its mortgage products last week, and that it would hike rates on some of its mortgages from Thursday.

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