HOMEOWNERS URGED ‘TO TAKE MORTGAGE ADVICE’ NOW AS RATE RISES AND PRODUCTS FALL – YOUR MONEY

Uncertainty and concern surrounding mortgages means now is the time for people to seek advice before making any “rash decisions”, a financial services platform suggests.

Interest rates have been steadily climbing since the start of the year but it’s the last few weeks that have really unsettled homeowners, and the markets.

The catalyst was the mini Budget last month – in which the Chancellor Kwasi Kwarteng announced billions of pounds’ worth of unfinanced tax cuts – which saw the pound plunge to a record low against the dollar, revised forecasts of 6% interest rates and mortgage products withdrawn at pace.

It took the Bank of England to step in to buy bonds and Kwarteng’s U-turn on scrapping the additional 45p rate of income tax to quieten and stabilise the markets.

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