Banks and building societies are withdrawing hundreds of 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?
The Bank of England raised interest rates aggressively last week to try to address the market turmoil in the wake of chancellor Kwasi Kwarteng’s 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, will answer your questions about mortgages, moving home and the wider outlook for the housing market throughout the day on Friday September 30.
Post your queries in the comments box below and our experts will drop in regularly on Friday to answer them.
Banks in the UK withdrew a record number of mortgages this week in the wake of the chancellor’s mini-Budget.
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— Financial Times (@FinancialTimes) September 29, 2022