Santander has decided to suspend almost all of its mortgage offerings as it reevaluates the market in anticipation of additional projected interest rate hikes by the Bank of England.
The financial institution announced that it would cease all new business rates by 7:30 pm tonight, planning to introduce a new range on the upcoming Wednesday.
This decision comes at a time when the Bank of England is anticipated to lift interest rates to 5.5pc by the year’s end, with officials striving to curb persistent inflation.
Monetary Policy Committee member, Jonathan Haskel, stated today that more hikes can’t be discounted, given the prices are still surging beyond the 2pc target.
A representative for Santander stated: “In response to the current market environment, we are temporarily suspending all our new business residential and Buy to Let fixed and tracker rates at 7:30 pm on Monday, June 12.
“However, our product transfer range will continue to be available. We are set to relaunch our comprehensive new business range on Wednesday, June 14.”
