FT Adviser - Hundreds of mortgage products withdrawn as rates near 6%
Mortgage lenders have withdrawn hundreds of products overnight, following the pound’s crash yesterday and a notice from the Bank of England which said it will “not hesitate to change interest rates”.
“It’s all gone crazy,” said Trinity Financial’s director, Aaron Strutt.
“The difficulty is people are going to be quoted 5.5 per cent rates. Are they going to take them? And for people who were on 1.5 and 2 per cent rates before, how are they going to afford this?
“With the sheer number of people on full capital repayment mortgages, your monthly is large at 2 per cent, let alone 6.”
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