L&C Mortgages reports that mortgage rates have fallen back to pre-mini-budget levels, offering borrowers increased stability despite a higher base rate.
These figures come from Pepper Advantage's analysis of its portfolio of over 100,000 UK residential mortgages.
Former PM Liz Truss refuses to accept blame for the mortgage rate increases following her mini-Budget, citing global trends and resistance from the Bank of England.
Former Chancellor and co-creator of the disastrous mini-Budget Kwasi Kwarteng has announced his intention to quit as an MP.
In the South East, with an average outstanding mortgage of £144,000, families have seen an average increase in mortgage payments of £2,944.
Karen Noye, mortgage expert at Quilter, discusses those most impacted by the mini-Budget and what we can expect moving forward.
One landlord has described the fees as daylight robbery, while another said the fees “border on profiteering, as they are causing extreme financial distress to landlords.”
The Liberal Democrats are urging Prime Minister Rishi Sunak to organise an emergency summit with banks and mortgage lenders at Downing Street.
Analysis by Labour found the average homeowner who had changed their mortgage product since Liz Truss and Kwasi Kwarteng's mini-Budget last year is now spending an extra £150 every week.
Its 2023 Q1 Equity Release Market Monitor shows plan sales dropped from 12,551 to 6,975 while the value of new equity released fell from £1.399bn to £569.9m, compared with the same period last year.
According to the Equity Release Council's analysis, Q4 2022 saw the highest quarterly figure on record, with £6.7bn in overpayments made.
The overall availability of buy-to-let products, including fixed and variable rates, has risen to 2,400 options, up from just 988 in October 2022.