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UK mortgage availability drops two-year low amid rate hikes.
Mortgage availability in the UK has hit a two-year low following a 17% drop in product options, driven by rising rates and uncertainty over interest rates due to the conflict in the Middle East.
The average time a mortgage sits on the market has also hit a record low of eight days.
Experts warn that these changes have significantly increased borrowing costs, with a typical two-year fixed mortgage now costing about £1,800 more annually than in early March.
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