Mortgage rates going up again...

[Greenfairydust]

Yet another increase in mortgage interest rates today due to inflation figures going up...

Will that affect your house purchase?

It is Sod's law that I have a mortgage application being looked at this week that I was already nervous about and I am almost certain that will affect how much the bank will lend me/the outcome.

I will very likely have to reduce my offer or find a cheaper house...

Anyone else gutted?

Were you applying for a fixed rate mortgage? In which case it shouldn't make any difference

Don't worry yet! I think unless you're on a tracker, the fixed rates are looking longer term and any news to the contrary is scare mongering. It was widely known this rise would happen so it's already been budgeted in the existing mortgage rates. Natwest updated their rates the beginning of this week - knowing the BOE announcement today would happen - and they didn't go up.

It shouldn't affect it in theory if you have already applied for a mortgage before offers are withdrawn.
It sounds like a stressful time.