How will next weeks autumn speech affect mortgages?

Will next week's up coming autumn speech affect mortgages positively or negatively? 
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  • housebuyer143housebuyer143 Forumite
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    Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 
  • fitzykevfitzykev Forumite
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    Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 
    I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 
  • edited 12 November 2022 at 10:17PM
    K_SK_S Forumite
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    edited 12 November 2022 at 10:17PM
    fitzykev said:
    Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 
    I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 
    @fitzykev I've not had nor heard in any broker forum of a single mainstream mortgage offer being withdrawn due to the mini-budget upheaval in the market last month. By that yardstick, I think you'll be fine! :)

    I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. 

    Please do not send PMs asking for one-to-one-advice, or representation.

  • PolmopPolmop Forumite
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    I think Natwest have pulled all tracker mortgages 
  • fitzykevfitzykev Forumite
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    K_S said:
    fitzykev said:
    Seeing how George Osborne is advising on the budget you can probably expect austerity and tax increases so the market will probably respond favourably. 
    I have my offer accepted from the lender and I am 99% their.  We sale agreed on the 25th of July and I think completion date will be 25th November. I don't want anything to rock the market for my offer to be withdrawn 
    @fitzykev I've not had nor heard in any broker forum of a single mainstream mortgage offer being withdrawn due to the mini-budget upheaval in the market last month. By that yardstick, I think you'll be fine! :)
    Yes thet have been pulling them on completion day....
    Following the recent interest rate rises, mortgage offer withdrawals on the day of completion are becoming more common. We know it’s extremely frustrating—when you’ve had a mortgage offer withdrawn, it feels like the dream of homeownership is slipping through your fingers.
  • Strummer22Strummer22 Forumite
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    @fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

    The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

    This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

    Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 
  • edited 14 November 2022 at 10:39AM
    simon_orsimon_or Forumite
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    edited 14 November 2022 at 10:39AM
    Exactly. I would trust what brokers like ACG, Kingstreet, KS and all are saying in the threads below over anonymous blogs or even broadsheet journalists producing clickbait who don't know the difference between a mortgage product and a mortgage offer.


  • fitzykevfitzykev Forumite
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    @fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

    The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

    This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

    Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 
    @fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

    The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

    This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

    Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 
    My offer is for a 5 years fixed rate at 3.89%
  • mattyprice4004mattyprice4004 Forumite
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    fitzykev said:
    @fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

    The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

    This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

    Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 
    @fitzykev I could tell the second part of your post was a quote from somewhere so I googled it: https://www.wayhome.co.uk/blog/mortgage-offer-withdrawn-on-the-day-of-completion-what-to-do

    The context is: "If your lender withdrew your mortgage offer due to the recent interest rate hikes, you may want to look for an alternative way to buy your home. The monthly payments outlined in your original mortgage offer will have increased significantly following the interest rate hikes."

    This would only be an issue if you had applied for a tracker or variable rate mortgage and would not affect those with an offer for a fixed rate mortgage. Have you got a fixed rate offer? 

    Remember, you replied to K_S, who is a mortgage advisor, with an unattributed quote that is nothing more than hearsay. I would trust K_S! Unless you have any specific examples relating to your exact situation, I don't think you need to worry. 
    My offer is for a 5 years fixed rate at 3.89%
    That's a very good rate - and I don't think you have anything to worry about, I doubt they'll pull out. 
  • coypondboycoypondboy Forumite
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    If bond markets don't like it we could have a re-run of October with fixed rates going up especially 2 and 3 yr fixes.  Trackers will be the best option as don't expect base rates to rise above 5% as economy going into recessaion house prices are falling and inflation will fall sharply late next year and with an election coming the following spring the tories will be looking to cut tax rates and hope the bofe drops interest rates.
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