You are here: Home - Mortgages - Remortgage - News -

Borrower blues: More than 200 mortgages pulled from the market over the weekend

0
Written by:
06/06/2023
More than 200 mortgages have been withdrawn since Friday, according to new data.

That represents around 4% of the total number on the market, and follows 373 mortgages being pulled from the market in the week to 30 May, according to financial information site Moneyfacts.

The mortgage market upheaval follows the publication of the inflation figures for April.

While the overall consumer prices index (CPI) rate dropped from 10.1% to 8.7%, the core rate of CPI ‒ which excludes things like food, energy and alcohol ‒ increased from 6.2% in March to 6.8% in April.

As a result, expectations of further increases to the Bank of England base rate have grown.

Pulling and repricing mortgages

Since Friday, some lenders ‒ including Santander and Furness ‒ have pulled a selection of fixed rates, while Co-operative Bank has moved to withdraw its entire range.

Some lenders have relaunched fixed rate mortgage products, but at higher interest rates. For example, Halifax has hiked some of its fixed rate deals by 0.3 percentage points, while Leeds Building Society has increased selected rates by 0.4 percentage points.

Rachel Springall, finance expert at Moneyfactscompare, said that the volatility was down to “the concerns surrounding future interest rate hikes, and lenders are reassessing their propositions”.

Meanwhile, there have been warnings that more than three million borrowers face a ‘remortgaging nightmare’ as a result of the scale of interest rate rises which have taken place since they took out their initial mortgage.

 

Related Posts

Tagged:

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Newsletter

Receive money tips, news and guides directly into your inbox

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Octopus steps in to buy Shell Energy – what customers need to know

The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week

Tag Links Panel

© AE3 Media Ltd, 21 Great Winchester Street, London EC2N 2JA, Company.
Registration number 8938488.
AE3 Media Limited is authorised and regulated by the Financial Conduct Authority
The principal business of AE3 Media is journalism. As our website contains links through to firms which provide consumer credit we have limited permission to undertake credit broking activities and for these limited activities only AE3 Media Limited is authorised and regulated by the Financial Conduct Authority
We take reasonable care to correct errors or omissions on our site as soon as we can after we are made aware of them. However, we do not guarantee that all information is accurate and free of errors and omissions at all times and we do not accept any responsibility or liability for any loss you may suffer as a result of information on this site not being accurate at all times.
We do not recommend or accept any responsibility for any third party provider’s products, services, information, advice or opinions provided to you either directly or via their websites. We will not be responsible to you if any product or advice you obtain form a third party is not suitable for you or does not meet your requirements. Any links to a third party provider’s website on this site are for your convenience only. If you contact a third party provider advertised or mentioned on this website, either directly or via a link, any use by you of the third party provider’s website, products or information will be subject to the third party provider’s own terms and conditions. You should read these carefully.