More and more lenders are withdrawing entire product ranges or raising prices on a large portion of their deals.
Brokers have faced a barrage of price increases and disappearing products today and yesterday, including increases of up to 55 basis points at Barclays and up to 80 basis points at the likes of Nottingham Building Society.
Other lenders are suspending all new fixed-rate loans, while swap rates remain so volatile and Moneyfacts’ average mortgage rate has risen by 59 basis points since the war broke out.
Dudley Building Society emailed consultants this afternoon to say it is withdrawing all its fixed rates, including both residential and buy-to-let deals, from 6pm today.
It says: “We are working hard to bring updated fixed rate options back to market as quickly as possible and will keep you informed of progress.”
Vida Homeloans is withdrawing its entire product range at midnight tonight due to “exceptional and rapidly changing market conditions”, but says it will relaunch fixed rate offers tomorrow morning.
Pepper Money has said it will increase interest rates across its entire mortgage offering at the end of business tomorrow.
Kent Reliance told advisers it would increase rates across its entire product transfer range by the end of business tomorrow, while Saffron will also increase prices on retention agreements from Thursday.
Meanwhile, Accord is increasing buy-to-rent product transfers by up to 46 basis points, including on Thursday.