Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

More Than 300 Mortgage Products in U.K. Pulled Since Wednesday - Moneyfacts

Stock Markets Sep 29, 2022 12:22
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
GBP/USD
+0.29%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BIRG
-0.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BWY
-0.34%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BDEV
-0.69%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
TW
-0.72%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Scott Kanowsky

Investing.com -- More than 300 mortgage products were pulled overnight in the U.K., deepening a recent rush of withdrawn offerings sparked by a fall in the value of the pound in the wake of a mini-budget released late last week.

According to the personal finance website Moneyfacts, Britain's residential mortgage market has 2,340 products in availability as of Thursday morning, down from 2,661 on Wednesday. A record 935 products were previously removed between Tuesday and Wednesday, more than double the prior high set in the early days of the pandemic.

Lenders Virgin Money, Skipton Building Society, Post Office Money, Vida Homeloans and various Bank of Ireland (LON:BIRG) brands have completely halted all their mortgage rate offerings, while others have ceased to advertise fixed-rate mortgages to customers.

A sharp dip in sterling following the delivery of U.K. chancellor Kwasi Kwarteng's new spending proposal has helped to stoke expectations that the Bank of England will aggressively hike interest rates to stem the decline. The higher borrowing costs could, in turn, hurt house prices and weigh on homebuyer demand already under pressure from a cost-of-living crisis caused by soaring inflation.

The pound was lower against the U.S. dollar in mid-day trading.

Meanwhile, shares in major U.K. homebuilding firm Barratt Developments (LON:BDEV) slumped by more than 12%, while peers Taylor Wimpey (LON:TW) and Bellway PLC (LON:BWY) also dropped.

More Than 300 Mortgage Products in U.K. Pulled Since Wednesday - Moneyfacts
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Sir Stevo Gutterman
Sir Stevo Gutterman Sep 29, 2022 16:08
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hard to see 30-50% reduction because of excess demand for houses. 10-20% more likely.
Arno Pfohl
Arno Pfohl Sep 29, 2022 16:08
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Although there is demand. they cannot afford it because banks are bust.
Cosmin Ciobanu
Cosmin Ciobanu Sep 29, 2022 13:32
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Very soon house prices down 30-50%
Alex wan
Alex wan Sep 29, 2022 13:32
Saved. See Saved Items.
This comment has already been saved in your Saved Items
50% lol you wish lol prob like 10% max
Chintan Patel
Chintan Patel Sep 29, 2022 13:32
Saved. See Saved Items.
This comment has already been saved in your Saved Items
5, 10 or 15 % max.
Alex wan
Alex wan Sep 29, 2022 13:32
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The poor would wish it drops 50% coz eventually they can afford one lol thou the rich wont let it fall 50% and unfortunately the world is ruled by the rich so there is nowhere near it will drop to 50% lol
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email