'No one really knows what's coming next.'
Hundreds of mortgage deals have been pulled from the market in the midst of financial panic after the UK government's 'mini budget'. It's bad news for house movers and those looking for re-mortgage deals.
The Bank of England raised the base rate by half a percentage point last week to 2.25%. And while it was the highest rate since 2008, this wasn't the catalyst for deals to be withdrawn. It was actually the announcement of tax cuts and massive government borrowing which spooked the markets.Lenders pulling mortgage deals and not replacing them or replacing them with less attractive deals means less choice for borrowers.
On Tuesday, September 28, the Mirror reported that eleven banks and building societies were pulling or tweaking mortgages due to the economic fallout of the 'mini-budget'. Martin offer advice to borrowers via the MoneySavingExpert website but warned: "We'll do our best to guide you through some sensible moves, but no one really knows what's coming next."
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