Rachel Reeves’ “disastrous” Budget is set to add over £1,000 to a middle-class family’s mortgage, a Telegraph analysis has found. Before the Chancellor’s maiden Budget, the Office for Budget Responsibility’s (OBR) forecast found that mortgage rates would be at 3.8 per cent for the first quarter of 2025. However, in their updated forecast, published on the day of her October Budget to take into account her tax and spending measures, the fiscal watchdog said that mortgage rates would be at 3.9 per cent for the same period. This means that property owners needing to remortgage their home at the start of this year will now be paying an additional £1,019 compared to what they would have paid prior to Ms Reeves’ Budget. This increase applies to a typical middle-class family living in an average priced detached family home which is worth £443,974 according to the Land Registry. With a typical 15 per cent deposit, this would mean taking out a loan of £377,000. It is based on a five-year fixed repayment mortgage, which the Bank of England said make up the majority of UK mortgages. For a middle-class family with a five-year variable mortgage, the price of renewing their mortgage...