The data builds on a big picture of growing financial hardship.
While the Bank has raised borrowing costs through successive interest rate rises since the end of 2021 to help ease inflation in the economy, the financial market shock that followed the now-scrubbed mini-budget exacerbated pressure on lenders. Many mortgage providers suspended the provision of new loans temporarily - with the cost of two-year and five-year fixed deals surging as a result.
A report by property website Zoopla on Monday warned that housing market activity was on the slide as mortgage costs rose at a time of the highest inflation for more than 40 years.Alice Haine, personal finance analyst at Bestinvest, said of the outlook:"With the political and financial turbulence easing since Rishi Sunak became prime minister following Liz Truss resignation on October 21, the lowest two-year fix has now dipped to just over 5%.
Does the UK have fixed mortgage rates or are they variable?
Blame all on mini-budget ...that's the bloody trend these days....
trussliz trade deals aren’t surviving scrutiny and the test of time either.
It was nothing to do with the mini budget. All to do with the end of cheap money. How long can you keep blaming the mini budget for everything?