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1 year agoUK mortgage rates are soaring: Here's what you need to know as a first-time buyer
Mortgage products have been pulled, payments are doubling and lenders are backing out of agreed deals; concern and uncertainty among Brits trying to buy a home skyrocketed last month after Finance Minister Kwasi Kwarteng announced his "mini-budget."
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While the cost-of-living crisis in the U.K. continues, Kwarteng argues his budget will boost growth.Critics say that it will mostly help the rich and make the U.K. more unequal.
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The housing and mortgage sector has been especially affected, with lenders pulling hundreds of mortgage deals or pricing them at a much higher level after sovereign bond yields and Bank of England rate expectations both surged.This pushed up costs for borrowers as the BOE's base rate helps price all sorts of loans and mortgages in Britain.
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"Property prices are expected to drop in 2023, likewise we are expecting rates to fall slightly from the highs they are today," Mendes explains.