In the face of apprehensions regarding rising interest rates, nearly 800 mortgage deals have been withdrawn from the market.
Over the past week, UK banks and building societies have discontinued a significant number of products across both the residential and buy-to-let sectors. The number of residential mortgages has decreased by 373, down to 5,012 from the beginning of last week, while the tally of buy-to-let mortgages has dipped by 405, dropping to 2,343 deals.
Financial data group, Moneyfacts, has disclosed the impact on mortgage rates, revealing an increase in the average rate for two- and five-year fixed mortgages to 5.38% and 5.05% respectively since the beginning of May.
This development follows last week’s inflation data, which was worse than anticipated, intensifying concerns that the Bank of England will persist with interest rate hikes to control inflation.
