Will mortgages hit 10%? As Question Time clip goes viral, brokers say average interest is around HALF that and it will ‘needlessly scare people’

Mortgage rates continue to fill the headlines as the fallout from the Chancellor’s tax cutting mini-Budget hits borrowing costs.

While the Government has now reversed its decision to cut the 45p top rate of income tax for high earners, last week’s announcement has plunged the mortgage market into disarray. Some lenders have pulled rates from the market, while others have put them up substantially.

Amid the chaos, one anecdote that caught the public’s attention came from an audience member on last Thursday’s episode of Question Time.

She said the 4.5 per cent mortgage rate she had been offered was pulled while she was finalising her decision, and she was then offered a new one of 10.4 per cent.

https://www.dailymail.co.uk/money/mortgageshome/article-11275095/Will-mortgage-rates-hit-10-Brokers-say-Question-Time-clip-needlessly-scare-people.html