Question Time audience gasps as first home buyer's mortgage offer DOUBLE after budget

Lenders pulled mortgage products over fears of rising interest rates following the government's disastrous mini-budget

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QT panel surprised at mortgage interest rate offer from member of the public

A Tory minister was confronted with a first-time buyer whose mortgage supply has jumped 4.5% to 10.4% since the mini-budget.

Members of the public gasped as Rabia told a Question Time panel in Manchester that the lender had more than doubled the interest rate on his potential mortgage.

Lenders withdrew their mortgage products in fear of rising interest rates following the government's disastrous mini-budget.

Liz Truss and Chancellor Kwasi Kwarteng are under increasing pressure to calm market turmoil, which has seen the pound plummet against the dollar and the cost of government borrowing rise.

Tory Minister Paul Scully came under pressure from a member of the public Rabia during Question Time, who said she could not afford a mortgage.

She said, "I was getting a mortgage when I was young and was told my starting interest rate would be 4.5%.

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"I was told today that the lender has withdrawn this offer and the best offer I can get is around 10.5%."

His comments were met with gasps and shocked murmurs of "wow" from other onlookers in the audience.

"They say 'you should immediately consider submitting your application because if you don't, lenders might even withdraw those offers,'" Rabia said.

"For me now, as a first-time buyer, I don't think I can afford to get a mortgage."

Mr. Scully said there were more mortgage offers than 10 years ago, but admitted there were challenges.

He likened the situation to the start of the Covid pandemic, saying, "These first few weeks were really difficult as companies tried to find certainty."

The audience laughed derisively when host Fiona Bruce chimed in to say, "This was caused by a pandemic."