The Government confirmed yesterday that having provided support for businesses trying to cope with Brexit and families dealing with the issues created by the Pandemic, there will not be any backing provided for those currently struggling or facing significantly higher mortgage payments soon.

While lenders have removed hundreds of mortgage products from their “shelves” as uncertainty dominates the market, interest rates continue to rise.

Although there is a link to the Bank of England’s continual hiking of interest rates, the reason that the mortgage market is so affected is due to the lack of clarity over when rates stabilize.

The cost of a typical two-year fixed mortgage is now above 6% when eighteen months ago when thousands of fixed-rate loans were repriced, they were at, or below 2%.

There will be no support offered to borrowers in the form of stamp duty “holidays”, or other measures as were seen during the pandemic.

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