Six months on from the mini Budget...

The mini-budget caused lenders to knee-jerk react and on the whole stop lending, the knock-on to this for the man in the street was to instill fear and delay or cancel any property plans that they might have had. Of course, they could have just done the reasonable thing of increasing rates, but it seems they lacked the longstanding experience and confidence to do this. Some lenders are still VERY cautious in their approach and have delayed rolling out alterations to their lending offerings due to this budget. I'd like to see the FCA explain to the UK's lenders that panicking in the way that they did can do nothing but damage the all-important UK financial services industry.

Let's face it, the 'mini Budget' was a disaster. It caused immediate reactions from the markets and banking sector and struck fear into the majority of the population, which is only just starting to subside. As someone that's been in the industry since 2006, I'd never seen my phone light up as it did in the days following the spectacle. Rates had been increasing for months in the run-up to the Budget but at a reasonable and manageable pace. Truss & Co managed to send things into overdrive, causing knee-jerk reactions from the markets, lenders and the public. The biggest victim has been the BTL industry, in a heartbeat conditions for landlords became incredibly difficult to navigate, and I've seen many give up and see selling as their only viable option right now.

It was a disaster of biblical proportions. Overnight mortgage lenders paused lending and increased their rates tenfold. Homeowners and landlords were left in no man's land as affordability and stress rates were tightened whilst Truss and Kwartang enjoyed dinner with their banking friends. The ramifications of their total incompetence are still being felt today, at a time when the cost-of-living crisis is causing a huge huge strain on people's finances up and down the country.