Q&A: UK mortgage rates and the housing market
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Banks and building societies are withdrawing hundreds of UK mortgage deals in anticipation of further interest rate rises — but where does this leave borrowers and those wanting to get on to the housing ladder?
Last week, the Bank of England raised interest rates aggressively and chancellor Kwasi Kwarteng triggered market turmoil with his tax-slashing “mini” Budget. The fallout caused chaos in the mortgage market, with lenders, including HSBC and Santander, suspending new deals as they attempted to reprice them.
What does this mortgage tumult mean for individuals? Will borrowers be able to remortgage? How high could rates go? Will there be a property crash?
FT consumer editor Claer Barrett, FT House and Home editor Nathan Brooker and mortgage expert Andrew Montlake, managing director of broker Coreco, answered your questions about mortgages, moving home and the wider outlook for the housing market.
Read the questions and answers in the comments section below the article.
Banks in the UK withdrew a record number of mortgages this week in the wake of the chancellor’s mini-Budget.— Financial Times (@FinancialTimes) September 29, 2022
What does this mean for the UK housing market? Join @ClaerB and @ncbrooker for a Twitter Space on Friday at 11.30am BST.
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