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However, he did say there could be light at the end of the tunnel and mortgage rates might not increase as much as predicted.
He said: “The rowing back on tax cuts, and therefore fiscal expansionism, does perhaps mean that the Bank of England will not feel compelled to raise rates quite so high in order to keep inflation down.
“So on balance, this might mean that mortgage rates do not rise as high into the medium term as had been expected in the last few weeks.
“At times like these, when the loan product landscape is changing so rapidly, a good mortgage broker can be worth their fee – not least because they might be able to expedite the application process and help to grab a product before it is withdrawn.”
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