Apartment buildings are backdropped by skyscrapers of banks at Canary Wharf in London, Britain October 30, 2015. Picture taken October 30, 2015. REUTERS/Reinhard Krause
UK mortgage rates have risen above 6% in recent months, gathering speed after former prime minister Liz Truss’s Sept. 23 “mini-budget” roiled financial markets. First-time buyers have been the hardest hit by the surge, forcing them to consider renting in the short-term while they wait to see where mortgage rates settle, Britain’s biggest property portal said.
"Now that there are signs that mortgage rates are settling down, the indicators are that they will stabilise at a higher level than previous buyers had been used to."
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