The i - Mortgage hikes put ‘brakes’ on home purchases, adding £1,200 a year to buyer costs

Soaring mortgage rate hikes will “slam the brakes” on home purchases and “seize up” the property market, experts have warned.

Almost all banks have raised their fixed mortgage pricing in recent weeks – sometimes multiple times – amid expectations that the Bank of England will hike interest rates later this year because of higher inflation.

Aaron Strutt, product director at brokerage Trinity Financial, described the mortgage market as “borderline chaos” because of the volume of price rises.

He said: “It is bound to hit the property market especially with much higher rates and the constant changes. The cheapest rates are only available for a few days.

“Many prospective property buyers will be tempted to wait for the situation to calm down, although others will see this as an opportunity to get on the property ladder as they will have less competition.”

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The information contained within was correct at the time of publication but is subject to change.

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