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Story for The Times: The "Kwasi Premium" on everyone's mortgages

Journalist: George Nixon, The Times and The Sunday Times

ended 03. October 2022

Hello everyone, I hope you all had a good rest after the madness of last week? 

Firstly, has the manic rush for mortgages restarted this week or are things a bit calmer? Have the phones been ringing off the hook again, because the markets seem a bit calmer and it seems lenders might be too?

Secondly, I'm working on a story for The Times about what's happened over the last week. Nick Robinson on Radio 4 this morning called what happened to mortgages last week a “Kwasi Premium” and Moneyfacts say average two-year rates went up from 4.75% to 5.75% between last Monday and today. That's about £147 more a month on £200,000. Is it fair to call it a Kwasi Premium or something similar? How would you put it?

Thanks as always, all the best,

George

2 responses from the Newspage community

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Paul Neal
Mortgages & Equity Release Advisor at First Choice Financial Services
Things do seem to be a little calmer, but like an angry bear with a sore head things will be chaotic yet again with more expected announcements to come. The Kwasi effect is a little like boat shoes... only the wealthy get them.
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Graham Cox
Director at Bridging Hub
We're still very busy this week as borrowers adjust to the new normal. It's quite the shock when you tell them what rates are currently. Kwarteng's mis-step is costing norrowers dear.