The truth is, historic UK mortgage rates over the past 50 years or so sit at approximately 6 per cent.
Base rates hit a staggering 17 per cent during the Oil Crisis in the late 1970s. Mortgage rates were up at 14-16 per cent in the early 1990s.
Those old enough to remember are less likely to be running from the big bad rate wolf. Instead, they'll be loading their muskets (do people still use these, or is it just the 'Minister for the 18th Century'?) and looking it dead in its lupine eye.
"I've got a mortgage broker: just try and come at me."
Of course, every borrower is different, personal circumstances can change, yadda yadda. That's what brokers are there for: to reassure and provide ways to help people achieve their housing dreams.
And if that involves waiting for the huffing and puffing to stop so we can hear more clearly what the true situation is, that's a much better end to the story than ending up in hot water.
Simoney Kyriakou is editor of FTAdviser
