Three years after the Mini-Budget
That mini-budget no one wants to talk about was delivered over three years ago in September 2022.
Lizz Truss was the Prime Minister, and on 23rd September that year, her government’s decisions caused mortgage rates to sky-rocket, and the pound to drop drastically. These policy changes meant that the Bank of England had to step in to stabilise the market.
Despite the majority of these policies being withdrawn within days, there was still a huge impact on people’s finances for years to come. Especially the mortgage market.
Mortgage rates: then and now
Mortgage rates had been increasing steadily towards the end of 2021, in line with the Bank of England’s base rate rises. However, the changes from the Mini-Budget meant they increased even more.
Below is an example of a repayment on a property based on the interest rate difference between September 2022 and October 2025.
£300,000 property (with 10% deposit), borrowing £270,000. 30-year term:
| September 2022 | October 2025 |
| 6.51% £1,709 per month Total repayment: £615,141 |
4.67% £1,395 per month Total repayment: £502,295 |
Source: Moneyfacts and Zoopla
As we can see from the above example, mortgage rates have eased, signalling the possibility of a more stable mortgage market. There are also more affordable options available, helping first-time buyers onto the property ladder.
Autumn Budget 2025
There is still uncertainty around interest rates, and with the Autumn budget just around the corner, no one can be sure which direction the market is going in, making the mortgage market feel volatile again.
By securing your mortgage deal early, you are protected if rates rise without losing flexibility. This is because with Mortgage Required, we do regular rate reviews, meaning if the rate drops before your new deal starts, we will switch you to a better rate if one becomes available.
Get in touch and see how we can help: 01628 507477 or email us.
Recent posts
Housing Secretary Angela Rayner has announced a new measure to protect leaseholders in England and Wales from high fees and poorly regulated property management companies.
Saturday 26th September, Andy Burnham announced a new equity loan scheme called “Your First Home”. The scheme, which will be confirmed at next month’s budget, is aimed at first-time buyers looking to purchase a new-build property from a developer signed up to the scheme.
Losing your job or finding yourself ‘between jobs’ is, unsurprisingly, a stressful place to be. Keeping a cool head and taking action is important.
Best UK Mortgage Rates this Week
8 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Flats 40% cheaper to buy than houses
13 days ago
This price gap between the cost of houses and flats is the biggest it has ever been. Houses are now costing 1.7 times more than a flat, which is 0.4 times higher than 10 years ago
Take a look at our list of houses vs. flats per area.
Are mortgage rates set to increase?
22 days ago
We have seen several lenders increase their mortgage rates over the last couple of weeks. This suggests mortgage rates are likely to rise.
Although nothing is set in stone, lender repricing, rising swap rates, and continued economic uncertainty suggest borrowers should prepare for higher mortgage costs.
AI-altered images put off over half of buyers
24 Aug 2026
According to data from House Buyer Bureau, where over 900 UK homebuyers were surveyed, 54% of people said that they immediately ruled out digitally enhanced property listings.
April Mortgages offer 7x Income Mortgage
13 Aug 2026
April Mortgages - only accessed via a mortgage broker - offers first-time buyers, renters, and home-movers the option to borrow up to 7 times their income on its longer-term mortgages.
More information
Trusted by
