The UK economy has taken a battering recently as the markets showed their disapproval of former PM Liz Truss and then-Chancellor Kwasi Kwarteng's 'mini budget'. Interest rates soared and the cost of new fixed rate mortgages took the same trajectory.
Mortgage hikes of £6,700 a year for an average house purchase have been reported by the Mirror based on new analysis, an eye-watering increase for any household.
On Sunday, October 30, Labour’s Rachel Reeves warned the Tories are “turning people’s dreams into nightmares” as they struggle to hold on to their homes. The cost of a two-year fixed-rate mortgage has rocketed to 6.48%, compared to just 1.6% last autumn.
