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Despite the majority of these policies being withdrawn within days, there was still a huge impact on people’s finances for years to come.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
Monday 22nd June saw Keir Starmer resign as Prime Minister and Labour leader. The resignation does not directly impact mortgage rates, as changes were taking place before this announcement. However, it could influence mortgage rates indirectly through financial markets and future government policies.
Homebuying reform to cut homebuying times by around four weeks, and save first-time buyers around £650, says the government.
Buying your first home is a huge milestone, but it can also be a complex process. There are several factors a first-time buyer should consider before making an offer on a property, including understanding the difference between leasehold and freehold and checking council tax bands.
We’ve detailed some questions you can ask your estate agent to help you make an informed decision.
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Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
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Getting advice and moving to a new deal when the time is right can mean lower monthly mortgage payments, better interest rates, or releasing equity from your property.
Here are some signs it may be time to remortgage.
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Here is a summary of the housing and energy/environment points.
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