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What’s happened to mortgage rates?


What’s happened to mortgage rates?

Before the mini-budget, mortgage rates had already been increasing throughout the year. But these rates have been rising further in the past fortnight because the tax cuts announced in the mini-budget were unexpected. And when unexpected things happen in financial markets, they’re likely to have a direct impact.

There’s been lots of speculation about how these cuts might impact the UK’s finances. It’s widely believed that the Bank of England may need to raise interest rates faster and higher than previously forecasted. This has impacted the underlying costs of fixed-rate mortgages, and it’s also why some lenders have repriced deals and they’re now more expensive.

However, The Deputy Governor of Monetary Policy at the Bank of England, has questioned whether UK interest rates need to rise as much as markets predict.

In a speech at Imperial College Business School on Thursday 20 October, Dr Ben Broadbent said: “Whether official interest rates have to rise by quite as much as currently priced in financial markets remains to be seen.”

A full copy of Dr Broadbent’s speech can be accessed from the Bank of England’s website.

There are still mortgages available.

An Independent Mortgage Advisor can talk through your specific circumstances to help determine the best lender for you. And remember, if you’ve been turned down for a mortgage by one lender, it doesn’t mean you’ll be turned down by every lender.

To speak to our experts at APR Money Ltd for independent mortgage advice complete this short form.

John German meets the cost of the initial consultation which means there will be no broker fee to pay.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

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Date Posted

October 27, 2022

Article Category


Lucy West

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