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Since last week almost 7% of mortgages have been withdrawn from market.
Over the past few days, we have seen a few lenders withdraw selected fixed mortgages from the market, at least temporarily. This volatility is down to the concerns surrounding future interest rate hikes, and lenders are reassessing their propositions.
Fresh concerns over potential further interest rate hikes surfaced last week when the Office for National Statistics (ONS) released its latest inflation figures for April. Despite reporting a drop in inflation, core inflation increased and food prices remain stubbornly high.
As a result, there are fresh concerns that the Bank of England may not be at the end of its rate hike cycle. This concern has fed into the price of mortgages, with swap rates also increasing.
Since the beginning of last week, 373 mortgages have been removed from the market, with this figure representing almost 7% of the market.
Currently consumers looking to refinance will find rates around 5% on average for a fixed deal, compared to around 3% a year ago.
Within the residential sector Halifax, Newcastle Building Society, and MPowered Mortgages are just some of the lenders to withdraw their some of their mortgage products last week.
Landlords will be disappointed to see a drop in product choice and that average fixed rates are on the rise.
The volatility surrounding interest rates towards the tail end of 2022 started to improve, but as it stands, average rates are expected to keep climbing because of the ongoing concerns over future interest rate hikes.
Buy-to-let product choice dropped below 1,000 deals in October last year, in the aftermath of the fiscal announcement, so it will be a concerning echo of that period if choice plummets to such a low again. Interest rates are only part of the decision-making process when entering a buy-to-let investment, so it is always wise to seek advice to ensure it is the right time to commit to a deal.
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Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Virgin Money and Skipton Building Society secure leading positions in our best mortgage rate charts this week.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year regular savings account paying 7.00% AER, and a five-year fixed rate mortgage at 4.94%.
Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.
Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.
Each week the Moneyfactscompare.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.
Virgin Money and Skipton Building Society secure leading positions in our best mortgage rate charts this week.
The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.
This week's selection includes a one-year regular savings account paying 7.00% AER, and a five-year fixed rate mortgage at 4.94%.
Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.
Alongside falling fixed rates and a longer average shelf-life, increased product availability demonstrates a buoyant period in the mortgage market.
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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.
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.
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.
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.
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.