As some mortgage lenders pull deals, Newsnight presenter KirstyWark investigates in Liverpool what the rise in interest rates will mean for: 👉 Mortgage repayments 👉 Cost-of-living crisis 👉 Prospective homeowners
The Bank of England issued a statement on Monday saying that it would "not hesitate" to raise interest rates after the pound hit record lows.
Mr Price moved out of his rental property to live with his sister in Suffolk while waiting to find somewhere to buy.Friday's mini-budget offered help to first-time buyers by cutting stamp duty, the tax paid when people buy a property in England and Northern Ireland. Experts said a rise in the cost of long-term borrowing meant the current cost to mortgage lenders of offering new deals was now more expensive.
Yorkshire Building Society said: "As a result of the current volatile market conditions, we will be temporarily withdrawing our range of mortgages for new customers at 8pm tonight.Virgin Money and Skipton Building Society also said applications that have been submitted will proceed.
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