Banks were forced to temporarily withdraw mortgages for new customers last week because of the sharp rise in gilt yields, which they use to price fixed-rate mortgages.
There were 2,262 mortgage products available to UK borrowers on Monday, down from 3,961 on the day of the “mini” Budget, according to Moneyfacts, after lenders rushed to withdraw deals from the market. NatWest, which was last week the only lender that continued to offer new mortgages at previous rates, on Monday made a series of rate increases across residential and buy-to-let products.
Ray Boulger, of broker John Charcol, said that on Monday the best fixed-rate deal over two years with a 40 per cent deposit was 4.56 per cent offered by Halifax. This compares with a best rate of 3.57 per cent from Skipton three weeks ago.
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