Mortgage lenders axe 10-year fixed-rate deals

Mortgage providers have pulled a swathe of ten-year fixed-rate deals as rising interest rates and high inflation wreak havoc on the housing market.

Lenders have rushed to raise the cost of ten-year mortgages or withdraw them altogether, with more than 10 per cent disappearing from the market since mid-May, according to Moneyfactscompare.

Homeowners and buyers are desperate to lock in deals as rates keep increasing.

Banks and building societies have pulled hundreds more home loans to reprice them at higher rates, fuelled by fears of further borrowing cost rises. Economists believe the Bank of England will increase the base rate from 4.5 per cent to 5.5 per cent to tame inflation.