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UK Lenders Temporarily Pull New Mortgage Deals Amid Volatile Market

27th September 2022

UK lenders Halifax, Virgin Money and Skipton Building Society have withdrawn lending for new customers. Other lenders may soon follow or be swamped with applications.

Interest rates are going to be affected by the falling pound on world markets. The Chancellor and the Bank of England issued statements on Monday but this may not be enough to steady the position.

Predictions are now ramping up to suggest that rates may go to 6 percent by next year. It remains to be seen if the Bank of England will bring forward yet another rate rise earlier than expected.

Martin Lewis from Money supermarket was warning back in June that mortgage deals would disappear and for people to act immediately. Now it is to late for most and as deals end the new offers will be much more expensive. The problem is no one yet knows how bad this will get if 6 percent comes to pass.

Guardian
Two UK lenders temporarily pull new mortgage deals amid volatile market