Even if markets respond well to the UK government’s decision to reverse plans to cut the top 45p income tax rate, R3 Mortgages director Riz Malik fears that “mortgage lenders may take some time to reflect positive news in their pricing”. This morning’s decision follows prime minister Liz Truss' comments yesterday (2
Liz Truss vowed to press ahead with her controversial economic plans - despite Tory warnings that the fallout from her mini-Budget could hand Keir Starmer s Labour the next election.
Mortgage panic is deepening as families fear that they will default on soaring repayments and lose their homes amid warnings of a 15 or even 20 per cent fall in house prices.
Hard-pressed homeowners can use MailOnline s mortgage calculator to see how much their monthly repayments will soar by if interest rates rise to seven per cent.
Nationwide became the flender to hike its fixed-rate deals yesterday, with the bank s two-year rate rising to 5.59 per cent - more than double the 2.54 per cent it was offering three months ago.