HSBC, Santander and Coventry are latest lenders to withdraw rates as mortgage crisis continues

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 It is the second time in less than a week that it has withdrawn rates amid concerns about interest rates going higher.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.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Warning UK mortgage rates set to rise furtherIt comes as Santander becomes the latest big lender to withdraw deals due to market turbulence.
Source: BBCLondonNews - 🏆 115. / 51 Read more »

Cost of living - latest: Mortgage rates rise again as HSBC boss issues warning; millions missing out on £160 off water billsMillions of households are missing out on help with their water bill - we explain how to check if you are eligible below. In the past few weeks, hundreds of mortgage deals have been pulled and rates have risen - if you've been affected by the turmoil, tell us your story in the form below.
Source: SkyNews - 🏆 35. / 67 Read more »

Bank boss 'trying to limit the pain' as mortgage rates continue to riseThe head of HSBC in the UK tells Sky News it's a really challenging time for mortgage customers and there is no end in sight to rising rates.
Source: SkyNews - 🏆 35. / 67 Read more »

Warning UK mortgage rates set to rise furtherIt comes as Santander becomes the latest big lender to withdraw deals due to market turbulence.
Source: BBCLondonNews - 🏆 115. / 51 Read more »

Bank boss 'trying to limit the pain' as mortgage rates continue to riseThe head of HSBC in the UK tells Sky News it's a really challenging time for mortgage customers and there is no end in sight to rising rates.
Source: SkyNews - 🏆 35. / 67 Read more »