September 7, 2007 (LPAC)--British mortgage rates will rise soon, affecting a large share of the 17 million British mortgaged homeowners. The Daily Telegraph reports that already, a quarter of a million homeowners will see their payments increase by 200 pounds ($400) a month after October.

The interbank rate for three month credit is now at 6.87% in Britain, up from 6.74% only a few days ago. One more sign that the banks have no money to lend. They've been sucked dry by the (failing) hedge funds which now completely control them.