Warning mortgage rates could soar after cost of UK borrowing hit a 28-year high

UK mortgage borrowers face rising borrowing rates following a global bond sell-off. Lenders are increasing interest rates for mortgages, credit cards, and auto loans to manage risk and preserve loan book margins. This trend coincides with the cost of UK borrowing hitting a 28-year high, as 30-year gilt yields climbed above 5.92 per cent, the highest since 1998. Additionally, 10-year gilt yields rose above 5.29 per cent, marking the highest level recorded since 2008.