Mortgage lenders have been summoned to a meeting with Chancellor Kwasi Kwarteng today as mortgage rates hit a 14-year high.
Execs from Barclays, NatWest and Lloyds Banking Group are expected to attend the meeting, according to Sky News.
Following the Government’s mini-Budget several lenders withdrew all or some of their mortgage rates as the Pound slumped to a record low.
Due to ongoing uncertainty in financial markets, it was impossible for lenders to accurately price, especially on near-term fixed rates.
Lenders have begun to return to market but product availability is still down 40% compared with before the mini-Budget.
It comes after Moneyfacts data revealed that the average rate on a 2-year fix has now hit 6.07%, the highest level since November 2008.
Meanwhile, Labour analysis has shown that mortgages could increase by over £900 a month in London and the South East leading Keir Starmer to call for a further Government U-turn.
