Business · 19 March 2026

Iran war blocks Bank of England rate cut, mortgages to cost more

Елена Пехчевска via Wikimedia Commons (CC BY-SA 3.0)

Many people looking for new fixed mortgage deals are facing more expensive borrowing, as rates have recently jumped. The Bank of England's Monetary Policy Committee (MPC) is expected to keep the benchmark interest rate at 3.75%, with its decision published at 12:00 GMT. Oil prices surged, caused by disrupted key trade routes, and this pushed average two-year fixed rates to 5.30%.

By BriefTea Editorial · 19 March 2026 at 4:29

Reported by BBC · How we write briefs

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