Many people with mortgages have faced dilemmas over whether they should stick with or switch deals as lenders struggle with the chaos sparked by the former Chancellor's mini-Budget
Many people with mortgages have faced dilemmas over whether they should stick with or switch deals as lenders struggle with the chaos sparked by the former Chancellor’s mini-Budget
The impact of former Chancellor Kwasi Kwarteng’s resignation is likely to take time to filter through to the housing market deals as the impact of Kwasi Kwarteng’s resignation is likely to take time to filter through. After September’s mini-Budget from Mr Kwarteng, who was sacked as Chancellor on Friday, mortgage brokers were at one point fielding around 10 rate changes a day from lenders.
Prospective buyers have been unsettled by contracted deadlines to submit applications for rates before lenders reintroduced them at much higher prices.: “For the last three weeks, we’ve seen mortgage rates increase very quickly, very sharply. And the average mortgage rate now – two years or five years – the average rate is above 6 per cent.”“I hope it’s going to calm the markets a bit restore some sort of confidence in the Government,” he said.
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