Housing in the U.K. looks to be set for the same type of implosion that has occured here in the U.S. Homeowners with variable rate mortgages are already facing increased interest rates but the problem lies with the bulk of U.K. homeowners who are sitting on a short-term (5 year) fixed rate mortgage. Standard and Poor's has released a new report that says U.K. mortgage rates will reset to a significantly higher rates over the next 12 to 18 months. According to the report, the likely scale of this wave of resets is “relatively severe by recent standards”. Because the BoE has just gone thru a rapid series of rate ... (full story)