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Robert Webb, Professor of Banking & Applied Economics, University of Stirling

How to understand what's going on with UK mortgage rates

United Kingdom Kwasi Kwarteng Economy Bank of England Interest Rates
"Mortgage approved": an increasingly unlikely outcome in the current environment. Fabio Balbi / Shutterstock

The UK mortgage market has tightened as confidence in the economy has faltered in recent weeks. Lenders withdrew more than 1,600 homeloan products after the (then) chancellor Kwasi Kwarteng’s September mini-budget sent the UK economy into a tailspin.

Rates on the mortgage products that are still available have risen to record levels – average two-year and five-year fixed rates have now passed 6% for the first time since 2008 and 2010 respectively.

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