Mortgage rates have been rising throughout 2022, but there was a significant increase after the mini-budget announcement on 23 September.
The average two-year mortgage also hit its highest rate since the 2008 financial crisis at 6.07%.
Following the announcement, a large number of lenders removed their mortgages from the market. Between 28 September and 5 October, the number of products on the market dropped from 3,961 to 2,371.
Prime Minister Liz Truss addressed homeowners’ concerns in her speech at the Conservative Party conference, citing the stamp duty cut as one measure the Government is taking to offset the cost of living crisis.
Those most affected by the increased rates include first-time buyers and homeowners looking to remortgage.
An average of 100,000 people a month will be coming to the end of their current mortgage from October, and will also see a sharp rise in their monthly repayments.
You might be interested in...
16 Sep 2026
Financial planning is about more than investments. Learn how business owners and professionals can gain clarity, build confidence and make better decisions about their future.
Watch now
Beyond the Books, Episode 9
11 Sep 2026
Many businesses dismiss their innovation as "just part of the day job". But for tax purposes, innovation often hides in everyday problem-solving and technical improvements. Discover what really qualifies as R&D.
Learn more
What really counts as innovation for tax purposes?
11 Sep 2026
Could your business operate without you? Join our webinar in October to learn how to reduce owner dependence, strengthen leadership and build long-term business resilience.
Learn more
Webinar: Building a Business That Doesn’t Depend on You
02 Sep 2026
For international groups, uncertainty around audit requirements can create unnecessary pressure, duplicated work and reporting delays. This article explains the difference between UK statutory audits and group reporting.
Learn more
UK statutory audit vs group reporting: what international groups need to know
01 Sep 2026
Why resilient SME leaders are turning to scenario planning to stay agile, reduce risk and make decisions with confidence.
Learn more
The New Business Strategy Isn’t One Plan – It’s Multiple Futures
26 Aug 2026
From 30 Sept 2026, the charity audit threshold rises to £1.5m. Learn what this means for your charity and whether you still need an audit.
Learn more
Charity audit thresholds are increasing: should your charity still have an audit?