Fixed rate mortgages were already expensive before Kwarteng's budget.
Most mortgagees just didn't realise it, as they were not checking rates - if you were in an existing fixed rate mortgage, why would you check unless you were coming to the end of your existing deal and looking to remortgage?
Now of course everyone is aware. It might be a blessing in disguise as everyone frantically overpays their mortgage. That in turn will reduce total outstanding debt, and thus the money supply. A reduction in the money supply should reduce inflation.
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