UK mortgage lenders pause new lending

A slew of banks and building societies have stopped offering new home loans as lenders rush to reprice mortgages following a steep rise in UK gilt yields. The Chancellor’s mini-Budget sent the pound down sharply and it hit a new record low of $1.035 against the dollar after Kwasi Kwarteng pledged further tax cuts at the weekend. The Bank of England has pledged to step in but has so far ruled out an emergency rate rise, sticking instead with its scheduled November 3rd review. 

Financial Times (26/09/2022)   The Daily Telegraph (26/09/2022)   The Guardian (26/09/2022)   The Times (26/09/2022)