When Richard Wise* moved from London to Margate in Kent three years ago, he did not expect to move again any time soon. But the music industry manager and his partner are planning to downsize from a four- to a three-bedroom property after their mortgage rate quadrupled.
“After Liz Truss’s bombshell [the September 2022 mini-budget that led to rising mortgage rates], our mortgage repayments doubled last year,” the 40-year-old says.
