People were paying less on average than the Bank of England's interest rate on newly drawn down mortgages in September, according to latest figures from the central bank.
The number of mortgages approved in September reached a level not seen in the two years since the Liz Truss mini-budget. According to figures from the Bank of England, the month had the greatest number of mortgage approvals since August 2022, the period just before the market turmoil brought about by Ms Truss's financial statement.
72% in the previous month. The two years after the September 2022 mini budget saw mortgage costs spike, with average rates topping 6% on two- and five-year fixed deals at some points. In the days following the Liz Truss government's major spending and tax cutting announcement, the Bank of England stepped in to fix a broken part of the financial market.
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