A BBC Question Time audience member has laid bare the reality of rising mortgage rates by confronting ministers with the fact that her mortgage offer as a first time buyer has doubled since the mini budget was announced. Rabia told the panel, which included a Tory minister, that her first-time buyer interest offer had risen from 4.5% to 10.4%.
There were audible gasps from both the audience and panel members as Rabia went on to explain that the four offers she had initially been offered had all been withdrawn and that it was unlikely she would be able to afford the new rate. She told the crowd in Manchester: "I was given four different offers of interest rates and none of them are now available."
There has been increasing financial uncertainty since the UK Government's mini budget was announced last week. Mortgage lenders have been removing offers amid fears of rising interest rates and the pound has fallen drastically. Prime Minister Liz Truss and Chancellor Kwasi Kwarteng are under pressure to quell concerns about the impact of their financial plan.
