The UK's Mortgage Bomb Is About to Go Off

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UK is dominated by fixed rate mortgages, where rates are fixed for two or three years. Experts expect repossessions to go up as a result of this but not to the same levels that we saw during the 2008-2009 financial crisis. UK Chancellor Jeremy Hunt is speaking with banks today to address what one conservative MP called 'a mortgage bomb'

The Bank of England’s 50 basis point interest rate rise is causing concern for the UK’s already-high mortgages, and Germany has signed another long-term deal to import more US liquefied natural gas. Plus, the FT’s Aanu Adeoye explains what’s at stake in Sierra Leone’s election this weekend.

Mentioned in this podcast:

‘We’re suffering’: soaring costs create opening for Sierra Leone’s opposition

Bank of England raises interest rates by 0.5 percentage points

Mass UK house repossessions unlikely despite soaring mortgage rates

Germany locks in more US natural gas as it shuns Russian supply

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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