It has nearly been a year since the disastrous mini-Budget sent mortgages rates spiralling
“It was absolute carnage; lenders were pulling rates from the market within 12 hours’ notice, which was unheard of,” said Carly Cheeseman, at brokers Clifton Private Finance.
Nick Mendes, of brokers John Charcol, said: “For brokers and mortgage holders this will have been the worst year in relation to how volatile higher rates have been and the impact this has had on borrowers.” Although Truss has said with good reason that she was not to blame for high mortgage rates in recent times, given she was only in office for 44 days, in the view of some homeowners, she is.Lesley Gaunt, 55, was trying to get a mortgage during this time. She has two mortgages, one on the home she shares with her husband in west London and one on their holiday home in the Lake District.“On our home in London, monthly payments were £441 last September but are £732 now with a rate of 8.
“The fixed rates on offer were rubbish and there was not a good deal to be had. Rightly or wrongly, I decided to hold fire and moved onto a variable tariff, still with TSB, paying 5.7 per cent.”Sofia had spoken with a broker who said the best two-year deal she could get would be 5.9 per cent adding she would have to pay a new product fee of £999, an expense she didn’t want to shoulder.
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