HSBC pulls all its mortgage deals for new customers after being swamped by applications
HSBC has withdrawn all its mortgage deals for new customers after being swamped by applications from borrowers rushing to refinance before rates rise even higher.
The lender gave borrowers just four hours' notice yesterday that it was going to pull its new business, residential and buy-to-let offers at 5pm.
However, it was forced to shut up shop even earlier at 3.30pm after receiving a flood of inquiries. No mortgage products will be available to new customers of HSBC until Monday.
Homeowners and buyers have rushed to lock in deals as rates keep increasing amid the ongoing turmoil in the mortgage market.