Mortgage repayments are more expensive than ever: Find out by how much with our tool | Personal Finance | Finance [Video]

Nigel Farage gives his take on the Budget

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Many factors compounded to make mortgages more expensive throughout 2022, from interest rate raises to the house price explosion and former-Prime Minister Liz Truss’s fateful mini-budget. With the new Chancellor’s budget greeted by optimistic forecasts from the Government’s fiscal watchdog, as well as a collapse in the housing market, things are set to improve in 2023. Analysts from the Office for National Statistics (ONS) have produced a tool allowing people to see if they will be able to afford to take out a mortgage across Great Britain.

The mortgage costs shown on the map represent the amount you would pay per month – crucial for household budgeting – assuming: