Number of mortgages on offer drops 7% in a week as lenders react to interest uncertainty
Daily Mail The number of mortgage products on the market has fallen by 7 per cent in a week, as lenders respond to higher-than-expected inflation and predictions of further base rate hikes.
Banks and building societies have taken certain mortgages off the market, either to bring them back with higher rates or to remove them altogether.
Coventry Building Society is the latest lender to pull its rates, withdrawing two, three and five-year fixed rates for new customers with 35 per cent and 20 per cent deposits.
In a note to brokers the lender said the products would no longer be available after 8pm on 31 May.It has also removed a number of its interest-only fixed rates.
Accord Mortgages, the broker-only arm of Yorkshire Building Society, is increasing rates by up to 0.77 percentage points for new customers and 0.4 percentage points for transfer products such as remortgages, also from 31 May.
The lenders join many others who withdrew or priced up rates over the past week including Nationwide, Halifax and Aldermore.
