The Times - Mortgage deals vanish in the face of soaring borrowing cost
Banks and building societies have removed dozens of mortgage deals from sale as homeowners race to secure fixed rates because of fears that the cost of borrowing will keep rising.
The Times reports "Halifax, the biggest mortgage provider, said it would withdraw most fixed-rate deals by the end of today because of “significant changes in the cost of funding”. Skipton building society, Virgin Money, Nottingham building society, Chelsea building society and Atom Bank also raised mortgage rates or withdrew some deals."
Aaron Strutt, from Trinity Financial, a mortgage broker, told The Times: “The chancellor’s announcement of tax cuts almost instantly pushed up the cost of borrowing and the subsequent product changes are causing carnage in the mortgage market.
“The last time there were this many rate withdrawals the pandemic had hit and the lenders pulled their products until they worked out a way to continue trading.”
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