Banks and building societies are withdrawing hundreds of mortgage deals in anticipation of further interest rate hikes – but where are borrowers and those looking to move up the housing ladder?
The Bank of England aggressively raised interest rates last week to try to deal with market turmoil in the wake of Chancellor Kwasi Kwarteng’s ‘mini’ budget tax cut. The fallout caused chaos in the mortgage market, with lenders including HSBC and Santander suspending new deals as they tried to re-price them.
What does this mortgage turmoil mean for private individuals? Can borrowers re-mortgage? How high can the rates go? Will there be a real estate crash?
FT Consumer Editor Claer Barrett, FT House and Home Editor Nathan Brooker, and Mortgage Expert Andrew Montlake, Director of Real Estate Agent Coreco, will answer your questions all day Friday, September 30, about mortgages, moving and the broader outlook for the housing market.
Ask your questions in the comment box below and our experts will stop by regularly on Fridays to answer them.
UK banks withdrew a record number of mortgages this week in the wake of the Chancellor’s mini-Budget.
Set a reminder https://t.co/3uQxFUp5Ku
— Financial Times (@FinancialTimes) September 29, 2022