Any homeowner with a mortgage or first-time buyer who has applied for a mortgage will understandably be concerned right now. The market is currently in turmoil following recent announcements that came from the government's mini-budget on Friday.
After Chancellor Kwasi Kwarteng revealed his and Prime Minister Liz Truss's plan for the economy, hundreds of mortgage deals have been withdrawn from the market following fears that the Bank of England could raise interest rates to save the pound. 3,961 residential mortgage deals were available on Friday but this has dropped by 365 today (September 27) down to 3,596 deals, analysis for the PA news agency found.
With the possibility that interest rates could rise by another 0.75 percent also comes fears that mortgage repayments could rise by another £100 a month by Friday, putting homeowners under even more pressure in the midst of the cost of living crisis.
