Mortgage lenders pull deals due to interest rate rise fears

Following Monday's volatility, financial markets updated predictions and said interest rates could now more than double by next spring to 5.8%, from their current level of 2.25%, to curb inflation - the rate at which prices for consumers rise.

"And of course the second thing is banks and building societies have to be able to make a margin and so they have to price that increased financial market view of the interest rates into their products, and that's why you're seeing [mortgage] rates start to really go up quite fast over the past two to three months."

Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said if interest rates rise as predicted, the average household refinancing a two-year fixed rate mortgage in the first half of next year would see monthly payments jump to £1,490 from £863.Virgin Money confirmed a decision to halt deals for new customers was due to the market conditions.

Halifax said from Wednesday it would remove mortgage products that come with a fee "as a result of significant changes in mortgage market pricing we've seen over recent weeks". Halifax said it had not changed its mortgage rates and it continued to offer product fee-free options for borrowers.

If you think this is not down to the useless government we now have then its time to get your head out of the sand and see the tories have wrecked the economy and country, and yes Breshit is the biggest lie they made you all believe I'd like to see some of those behind bars.

Pounds back up tho

The capitalist system working well. Many stand to lose their homes because they won’t be able to afford their revised mortgage payments, on top of everything else that’s going up. So plenty properties going cheap at auction soon. As some lose, others gain.

How did anyone think that locking everyone up for 2 years was going to end well....

This is going to hurt so many people

Remove all your money out of your bank accounts we are in deep trouble

Just as well I don’t need a mortgage then! 🤣🤣👍👍

Still don’t think it was planned?

the blame blame game begins, what

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