A Tory minister was confronted by a first-time buyer whose mortgage offer has soared from 4.5% to 10.5% since the mini-Budget. A Question Time panel in Manchester was told by audience member, Rabia, that the lender had more than doubled the interest rate on her prospective mortgage.
Lenders have been withdrawing mortgage products amid fears of rising interest rates following the Government's mini-Budget, reports The Mirror. Liz Truss and Chancellor Kwasi Kwarteng are under mounting pressure to calm market turmoil, which has seen the pound tank against the dollar and a rise in the cost of Government borrowing.
Tory Minister Paul Scully came under pressure from audience member Rabia on Question Time, who said she couldn't afford to get a mortgage. She said: "I was actually in the process of getting a mortgage as a young person and I was told my initial interest rate would be 4.5%.
