UK TREND : Approximately 10% of UK mortgage deals withdrawn amid rate uncertainties
According to data from financial data firm Moneyfacts, approximately 10% of mortgage deals in the UK have been withdrawn in response to concerns about rising interest rates. This amounts to nearly 800 residential and buy-to-let deals being pulled as lenders reevaluate their offerings.
In addition, average rates for two- and five-year fixed deals have experienced an increase. These developments come as higher-than-anticipated inflation figures have heightened expectations of future interest rate hikes in the UK.
The significant development has captured public interest, with the topic trending on Twitter. There has been active discussion among people regarding the consequences, with various factors being attributed to the situation. Some individuals are pointing fingers at the government, holding them responsible for their failures that have resulted in high inflation.
Nearly 800 mortgage deals pulled amid uncertainty over rates.
Nearly 10% of UK mortgage deals have been taken off the market since last week amid concerns about how high interest rates will go, figures show. https://t.co/1p0PtQUduD— Charlie Rose 📻📺📱🎤🎶🛤️ (@CharlieRose1) May 30, 2023
On Twitter, government critics voiced their discontent, placing blame on the Tory party and asserting that the elevated mortgage payments are a direct consequence of their failure. They argue that high inflation is a direct result of the Tory party’s shortcomings, prompting central banks to raise interest rates in an attempt to address the situation caused by their failure.
The high mortgage payments are a direct result of tory failure. Inflation is high as a direct result of tory failure.
Central banks have put up interest to tackle inflation due to a direct result of tory failure.— Craig Brown (@cwaiigyy) May 30, 2023
In a tweet, London Mayor Sadiq Khan joined those who attributed the escalating mortgage payments to the failures of the Conservative government. He specifically stated that the substantial increase in mortgage costs is a direct consequence of the “ Tories’ disastrous budget.”
Soaring mortgage payments are a direct result of the Tories’ disastrous budget.
They still haven’t apologised. They should. https://t.co/rpDXmCVkKR
— Sadiq Khan (@SadiqKhan) May 30, 2023
800 mortgage deals pulled amid uncertainty over rates is a direct result of the huge sale of gilts at a loss by Tory Gov.
Gilt prices are at Liz Truss levels but not reported.
UK is in for high interest rates for some time, hitting workers but not banks.#RishiSunak
— Roland Butter (@RolandButter13) May 30, 2023
Some individuals have expressed a different perspective, contending that the surge in mortgage rates and interest is a result of elevated inflation rates stemming from the impact of a pandemic and a war. They argue that the Conservative government should not be held solely responsible for these circumstances.
Soaring mortgages and interest rates are because of high inflation rates, caused by a pandemic and a war . This is global and you know it. Labour still haven’t told us how they would sort the current situation. Why? because they couldn’t
— GM@Hyperactive (@MilliganGlenne) May 30, 2023
Alternative viewpoints were raised by some individuals, who raised questions about whether the responsibility for setting interest rates had been shifted away from the Bank of England. They pointed out that while high-interest rates indeed lead to elevated mortgage interest rates, it is the Bank of England, not the current government, that holds the authority to determine them.
Have we now removed rate setting responsibility from the Bank of England? Of course, high interest rates translate to higher mortgage interest rates but they are not set by the government of the day. This rests on Bank of England. https://t.co/WCgUHCz0W3
— Gloria Adagbon (@gloria_adagbon) May 30, 2023
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