Are we on the verge of a serious mortgage crisis?
(Picture: PA Archive)Halifax has raised its average two-year fixed-rate mortgage deals to just under 6%, meaning higher monthly bills for home-owners.
Just a couple of weeks ago, on the day of the Chancellor’s mini-budget announcement, average rates sat at 4.74%.
But, on Tuesday, lending giant The Halifax announced it was upping its two-year fixed rate to 5.84%.
The government has introduced stamp duty savings for house buyers, but it’s thought some people will still struggle to manage their monthly mortgage payments.
At the Conservative Conference today Prime Minister Liz Truss admitted in her speech that the UK faced ‘tough times’ and said she was determined to “get us through the tempest”.
The Evening Standard’s Business Editor Jonathan Prynn discusses how the latest mortgage rate rises will impact the market, and predicts how high rates could get over the next year.
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