HSBC and Santander both suspended new mortgage deals yesterday amid fears over rapidly rising ratesNationwide, meanwhille, was first to hike its fixed-rate deals with two-year rate rising to 5.59 per centLenders are taking drastic steps after analysts warned the base rate could surge to six per cent next springSuch a move would increase repayments for average household by up to £800 per month, or £9,600 annuallyComes as Huw Pill, the Bank of England's chief economist, warned of a 'significant monetary policy response' The IMF also slammed Mr Kwarteng's mini-Budget, warning that it would lead to an increase in inequality
See Details: Mortgage timebomb hell for homebuyers: Bank expert issues warning amid fears rates could hit 5.5% by November with hundreds of deals axed already - after IMF issued unprecedented attack on Kwarteng's 'untargeted' policies