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Another 300 mortgage deals pulled of market and 40% of deals have disappeared since mini-budget

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Another 300 mortgage deals have been pulled from the market as 40% of deals have disappeared since the mini-budget last Friday.

In the last 24 hours, another 321 residential products have been withdrawn from the market, according to the latest data from Moneyfacts.co.uk.

It was the highest fall since records began in November 2011 and double the last record which was made as the UK went into lockdown in 2020.On Friday, the day of the mini-budget, 3,961 products were available - meaning mortgage product choice has shrunk by 1,621 deals since last Friday.Speaking on ITV's Good Morning Britain, Martin Lewis warned a mortgages 'ticking time bomb' awaits if the UK interest rate rises.

Mr Lewis said the markets were expecting the big debt to come from energy bills "but then suddenly we had the income tax cuts". "And to throw all those things together has absolutely spooked the markets out there and made us look like we are a nation of comedians, frankly.

 

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we must have an election now

Well this is going well isn't it

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Record overnight drop in choice of mortgage products as 934 deals disappear from market📉 There has been a record overnight drop in the choice of mortgage products, according to a financial information website, as the economic fallout from Friday’s mini-Budget continues.
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