A: Unless you’ve been living under a rock for the last couple of weeks you can’t have escaped the news that mortgage rates have been increasing dramatically.
Rates have actually been rising steadily all year but the Chancellor’s “Mini Budget” on 23rd September has accelerated this due the uncertainty in the financial markets and the expectation that the Governments actions will put pressure on the Bank of England to further increase the Base Rate.
Mortgage Lenders reacted by withdrawing some products and increasing the rates on what was left by as much as 1.5% to 2% in some cases.