- Nearly 500 mortgage products have been withdrawn from the UK market in recent days, marking the fastest disappearance since the aftermath of the 2022 mini-budget.
- This withdrawal, representing about 6.5 per cent of available deals, is attributed to volatility in global economies stemming from the Middle East conflict.
- Average mortgage rates have surged, with the two-year fixed rate reaching 5.01 per cent and the five-year fixed rate hitting 5.09 per cent, levels not seen since last summer.
- Major lenders including Nationwide, HSBC, NatWest, Santander, and TSB have increased their interest rates on mortgage deals.
- The rise in rates is linked to increased swap rates, driven by concerns that the Middle East conflict could push up UK inflation and lead to further interest rate hikes by the Bank of England.
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