The average interest rate on a two year fixed term mortgage is now 6.3%, nearly triple the 2.25% rate just a year ago.
Read MoreMore Mortgage Products Now on Offer – But Interest Rates Continue to Rise
UK House Prices Expected To Fall as Mortgage Rates Soar
Increasing mortgage costs and the wider cost of living crisis will place downward pressure on UK home prices over the next few months, according to Halifax.
Read MoreCost of living: Couple Narrowly Beat Mortgage Rates Rise
First-time house buyers who got a mortgage just weeks before interest rates shot up have said buying is “scary” at the moment.
Read MoreNatWest Raises Mortgage Rates in Line With its Rivals
Most of its rates, which previously hovered around 3-4%, are set to rise to between 4% and 6% from Monday, bringing it in line with its competitors.
Read MoreExperts Warn That 45% Tax U-turn is Too Late to Stop Mortgages Soaring
More than 40% of mortgage products were pulled after Kwasi Kwarteng’s mini-Budget triggered a slump in the pound, with the average two-year fixed rate now close to 6%
Read MoreUK House Prices Flatlining As Mortgage Rates Rise, Says Nationwide
Lenders began suspending products after the chancellor’s sweeping tax-cutting plans triggered a sell-off in financial markets and raised expectations for higher interest rates. The volatility made it increasingly difficult for lenders to price deals.
Read MoreMortgage Rates Rise Sharply as Squeeze Tightens
Major mortgage lenders are increasing the cost of home loans, with the average two-year fixed rate now close to 6%.
A typical two-year fixed mortgage deal is currently 5.75%, up from 4.74% on the day of the mini-budget.
More Than 40% of Mortgages Withdrawn as Market Reels After Mini-Budget
Lenders began suspending products on Monday as they struggled to price them amid the uncertainty on financial markets – and the volatility and number of offers being removed have snowballed this week.
Read MoreUK Financial Chaos: A Survival Guide For Your Mortgage, Savings & Energy
Hundreds of mortgage deals have been withdrawn from sale over the last few days, with lenders’ systems crashing as large numbers of worried borrowers and advisers logged on and tried to get through on the phone.
Read MoreLandlords have been treated unfairly, Truss tells Beadle
“That’s a marked change from what we have seen for these past years and we shall be pushing hard to make sure that translates into more appropriate policies.” – Mr Beadle.
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