Would-be homeowners could lose deposits because of spike in mortgage costs
Soaring mortgage rates have brought turmoil for those in the process of buying a home who face the double whammy of delays and unaffordable spikes in repayments.
Buyers are racing to push through transactions before their old, cheaper mortgage offers expire.
Last month, Carolina Leleu, 43, and her husband were hours away from having to decide between walking away from their first home and losing their deposit, or find an extra £700 a month for their mortgage.
The couple, who had exchanged contracts on their first home and paid a £13,100 deposit, nearly lost the 1.7pc mortgage rate secured in March after delays dragged their sale to the wire. If their purchase had taken another 36 hours, they would have needed a new mortgage deal at a rate quadruple their original offer.