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Why are Libor rates relevant to mortgages?

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Many mortgage rates are determined by Libor rates, as one of banks’ main sources of funding is borrowing from other banks.

Commercial and buy-to-let mortgages are often pegged directly to Libor, although some residential mortgages are also linked to Libor, especially those specialising in customers with adverse credit.

The Libor fixing scandal, which emerged in the summer of 2012, could mean that people whose mortgages are linked to Libor were mis-priced. It is not yet clear whether this would have been to their benefit or detriment, and there are investigations ongoing into the rate fixing scandal.

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