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Michael Brown

Acting Editor
Published: 05/06/2023
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This represents 4% of the total number of mortgages on the market as lenders factor in higher interest rates.

More than 200 mortgages have been withdrawn since Friday, equating to just over 4% of the lending options on offer.  

This follows the recent trend, when 373 mortgages were withdrawn from the market in the week to 30 May.

Much of this is due to the release of unexpectedly high inflation figures for April, with many analysts expecting this to force the Bank of England to increase its base rate further.

“This volatility is down to the concerns surrounding future interest rate hikes, and lenders are reassessing their propositions,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said at the time.

Since Friday, Santander and Furness BS are just two providers to remove some of their fixed rates while the Co-operative Bank withdrew its entire mortgage range.

Other lenders, however, have returned to the market at higher rates. Halifax, the UK’s largest mortgage lender, increased some of its fixed rate offerings by 0.30 percentage points today while Leeds BS increased some of its mortgage offering by 0.40 percentage points on Friday.

Where to find the best mortgage deals

In an environment of mortgage volatility, it is imperative to get the best deal possible. Make use of our charts to find the lowest rates on the market.

Two, five, and 10 year mortgages after unexpected inflation figures Two, five, and 10 year mortgages after unexpected inflation figures
Two, five, and 10 year mortgages after unexpected inflation figures Two, five, and 10 year mortgages after unexpected inflation figures
Two, five, and 10 year mortgages after unexpected inflation figures Two, five, and 10 year mortgages after unexpected inflation figures

Graph: Mortgage rates are on the rise since the latest inflation figures were announced on 24 May. Chart created with flourish.studio

Are fixed rates going up?

Since 24 May, when the inflation figures for April were released, the average two year fixed deal has increased by 0.38 percentage points to 5.72%.

This increase roughly translates to an additional £45 per month onto a mortgage of £200,000 over 25 years.

The average five year fixed rate has seen a similar increase too and now charges £47 more a month than it would have done on 24 May.

To personalise your mortgage rates, use the calculator below.

Mortgage Repayment Calculator

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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.