Chancellor Kwasi Kwarteng has pledged to work closely with the financial sector to provide the best value on mortgage rates.
Kwarteng held a meeting with some of the UK’s biggest mortgage lenders today as rates continue to rise following his ‘fiscal event’.
Over the past 24 hours the average rates for 2- and 5-year fixed mortgages breached the 6% mark, according to data from Moneyfacts.
A readout from the meeting reported by Reuters read: “While it is the responsibility of the sector to provide the best value for mortgage rates, the Chancellor confirmed that the Treasury would continue to work closely with the sector in the weeks and months ahead.”
While HM Treasury tweeted:
Earlier today Sky News quoted a source as saying that lenders would push for an extension of the Mortgage Guarantee Scheme which is due to end in November.
