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Lenders pull fixed rate deals amid economic uncertainty

Christina Hoghton
Written By:
Christina Hoghton

Around a dozen lenders have pulled products in light of current market volatility. Find out which

Mortgage lenders have been removing their fixed rate deals from the market as the pound has fallen to a new low.

The withdrawals will affect new borrowers looking to secure a deal.

The fall comes after a range of tax-cutting measures were announced by Chancellor Kwasi Kwarteng last week, which resulted in a pound sell-off.

Selection of withdrawals

Halifax said that it would withdraw all products with a product fee by the end of tomorrow.

The Nottingham confirmed that it would reprice its residential, buy-to-let, holiday let, retirement interest-only and self-build products from 6pm and would take down 14 additional products.

The Nottingham released some new two and five-year fixed rates with two-year fixed rate start from 6.04 per cent and five-year fixed rates beginning from 5.98 per cent.

BM Solutions said that it would be removing all products with a product fee by close of business tomorrow.

Paragon added that it would be taking down the fixed rate products in its portfolio, non-portfolio and product transfer buy-to-let range from 5pm today.

Keystone Property Finance is also reported to be withdrawing its rates today.

West One Loans is removing its buy-to-let fixed rate with immediate effect and said new products would be announced once “market fluctuations stabilise”.

Clydesdale Bank is also taking down select two and five-year capital and interest rates between 75 and 90 per cent loan to value (LTV) with £999 fee and five-year fixed rate buy-to-let product at 75 per cent LTC with £1,999 fee from 8pm today.

Virgin Money will temporarily remove all its products for new customers by 8pm tonight.

Bank of Ireland is also withdrawing all buy-to-let and residential rates from 5pm today and said that it would be relaunching new residential and buy-to-let ranges as soon as possible.

Foundation Home Loans is removing all its products in its residential range and will replace them by tomorrow.

Skipton Building Society added that it would temporarily withdrawing its new business product range with immediate effect. It said it was working hard on a new range which would launch in due course.

Leeds Building Society said it would take down selected fixed rate deals.