Three major lenders have become the latest to withdraw their mortgage products amid renewed expectations of further interest rate hikes marcshoffman reports
and reintroducing them tomorrow, most likely at a higher rate. It is the second time in less than a week that it has withdrawn rates amid concerns about interest rates going higher.
Coventry Building Society has also announced that it is increasing rates but provided more notice – 48 hours – to brokers. The building society’s residential and buy-to-let deals will be pulled from 8pm tomorrow and it will launch new, more expensive, products on Friday at 8am. It comes after Santander pulled its new business deals on Monday evening, reintroducing higher rates today, whileSpecialist lenders MPowered Mortgages, Lendco and Selina have also announced plans for higher pricing this morning.
There has been further turmoil in the mortgage market today, as it is now predicted that the Bank of England will raise interest rates even higher next week as it attempts to tackle rising inflation.to a new high of 5 per cent after wages grew at the fastest pace in nearly two years at 7.6 per cent and employment hit a record high.
This is pushing up swap rates, the cost of funding for lenders when they price deals, prompting providers to remove and reprice products.
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