The number of mortgages that have been approved has dropped significantly as a result of the mini-budget. The Bank of England has now revealed that mortgage approvals for homebuyers fell to 66,800 in September from 74,400 approvals in August.
After the mini-budget was unveiled on September 23, homeowners and househunters were thrown into chaos as thousands of mortgage deals vanished from the market. Mortgage lenders took their products off sale following concerns that the Bank of England would raise interest rates to as high as six percent.
Although many of the announcements made in the mini-budget have since been reversed, rises in the Bank of England's base rate have pushed up mortgage rates.
