With every week that passes, the UK is edging closer to a full-blown mortgage crisis. Banks have been pulling mortgage deals as money-market rates climb above levels seen even in the catastrophic aftermath of Liz Truss’s ill-fated mini-Budget last autumn. By the start of this week, the average rate for a two-year, fixed-rate deal was above 6%.
It may soon be above 7%. People who borrowed money to buy a home at less than