Banks and building societies are pulling out hundreds of mortgage deals in anticipation of further interest rate increases – but where does that leave borrowers and those who want to get up the housing ladder?
The Bank of England aggressively raised interest rates last week in an attempt to tackle market turmoil in the wake of the “mini” budget for tax cuts by Finance Minister Kwasi Quarting. The fallout has caused chaos in the mortgage market, with lenders including HSBC and Santander putting on hold new deals as they try to re-price them.
What does this mortgage disruption mean for individuals? Will borrowers be able to return the mortgage? How high can prices go up? Will there be a property crash?
FT Consumer Editor Claire Barrett, FT House and Home Editor Nathan Brooker and Mortgage Expert Andrew Montlake, Managing Director of Coreco Brokerage will answer your questions about mortgages, house moving and the broader outlook for the housing market throughout the day on Friday, September 30 .
Post your queries in the comment box below and our experts will be arriving regularly on Fridays to answer them.
UK banks withdrew a record number of mortgages this week in the wake of the chancellor’s mini-budget.
Set a reminder 👇 https://t.co/3uQxFUp5Ku
– Financial Times September 29, 2022