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Michael Brown

Acting Editor
Published: 29/09/2022
HSBC Building

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Last updated: 29 September 2022 at 11:31 AM

The mortgage market contracts as lenders react to volatile financial markets. 

Several lenders have withdrawn all or some of their mortgage rates as the pound slumped to a new low on Monday.

This continued into Tuesday night, with the residential mortgage market losing 935 products in availability. This is the highest daily fall in mortgage products registered on Moneyfacts records. 

As of Wednesday morning, there were 2,661 residential mortgage products available. In comparison, on Friday morning this figure totalled 3,961. 

Today, this figure stands at 2,340. 

Below we have listed the lenders who have withdrawn some or all of their mortgage offering thus far. Please note this is a developing story, and further updates to this page will be made accordingly.

A complete halt for all product offerings (Monday and Tuesday)

Virgin Money, Skipton BS, Post Office Money, Vida Homeloans and various Bank of Ireland brands have withdrawn their product range for new customers on Monday and Tuesday. 

“Following last week's [Bank of England Monetary Policy Committee] meeting and the Government's subsequent mini-budget we continue to see the market response unfold," Skipton BS said in an email to brokers.

“We haven’t taken this decision lightly but have done so in order to avoid further disruption for you and your clients,” Skipton said.

Meanwhile, Virgin Money said it will continue to monitor the situation and hope to relaunch new products for new customers towards the end of the week, according to Reuters.

Fixed rate withdrawals (Monday and Tuesday)

Of note, fixed rate products have been withdrawn the most, with lenders believing consumers will look to fix their mortgage before rates rise further.

Scottish BS, Monmouthshire BS, Marsden BS, Paragon Bank, Furness BS, Family Building Society and Bath BS have all withdrawn their fixed product changes over the course of Monday and Tuesday.

Family Building Society withdrew its fixed rates on Friday. 

Hodge Bank and The Mortgage Lender (Monday and Tuesday)

Hodge Bank and The Mortgage Lender withdrew its respective mortgage products with immediate effect. 

Further fixed rate withdrawals (Monday and Tuesday)

Melton BS and Teachers BS have temporarily withdrawn their fixed rate mortgages. 

Digital Mortgages by Atom Bank (Monday and Tuesday)

Digital Mortgages by Atom Bank has temporarily withdrawn all mortgage offerings. 

Progressive BS (Monday and Tuesday)

Progressive BS has withdrawn their fixed rate products. 

Halifax stops all products with a fee (Wednesday)

Halifax, the UK’s largest mortgage lender, stopped offering all its mortgage products with a fee.

"As a result of significant changes in the cost of funding, we're making some changes to our product range," a Halifax spokesperson told Reuters.

This also applies to mortgages offered by Lloyds Bank. 

Mortgage range withdrawals (Wednesday)

Yorkshire Building Society, Chelsea Building Society, West Brom BS, Aldermore, and Accord Mortgages have withdrawn all mortgage offerings today. 

Meanwhile, Kensington BS have also withdrawn all mortgages besides its offers at an 85% loan-to-value ratio and fixed rate offers for term. 


Fixed rate mortgage changes (Wednesday)

Cumberland BS has withdrawn its fixed rate mortgages today. 

Kent Reliance has also withdrawn its fixed-rate offerings, except for mortgages at an 80% loan-to-value ratio. 

Santander, meanwhile, has withdrawn its fixed and variable tracker mortgages at 60% and 85% loan-to-value ratio. The high-street provider has also increased its selected fixed rates and variable rates by 0.40 percentage points and 50 percentage points respectively. 

Precise Mortgages has withdrawn its fixed rate mortgages at a maximum loan-to-value ratio of 75% and 85%. 

Fixed rate increases (Wednesday)

Nationwide BS and Leeds BS have increased its fixed rate offers by up to 1.20 and 1.25 percentage points respectively. 

Further withdrawals (Wednesday)

Penrith BS has withdrawn its mortgage offering with immediate effect. The building society used to offer a two year fixed deal which frequented our mortgage roundup. 

Leeds BS also withdrew its mortgage range this afternoon, with the exception of its two year fixed rate at 5.24%. 

Fixed rate increase (Thursday)

HSBC and first direct have increased their fixed rates by 1.86% and 1.66% respectively. 

It is worth noting that first direct is a banking division of HSBC. 

Fixed rate withdrawals (Thursday)

After withdrawing some of its fixed rate offers yesterday, Kent Reliance has now withdrawn all its fixed rate mortgages. 

Precise Mortgages also withdrew its fixed rate mortgage range. 

TSB (Thursday)

After withdrawing some of its products yesterday, TSB have withdrawn its mortgage offering with the exception of 10 year fixed deals today. 


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