Three UK lenders have withdrawn some of their mortgage deals in response to the drop in the pound
(Picture: PA Archive)Three UK lenders have withdrawn some of their mortgage deals in response to the drop in the pound, and the on-going uncertainty in the UK economy.
Virgin Money and Skipton Building society have withdrawn their entire range of deals temporarily, but Skipton have promised a new range of mortgages will be available soon, following ‘repricing’.
And Halifax announced it is going to remove fee-paying mortgages; those which let borrowers pay a fee in exchange for a lower interest rate.
It’s as markets anticipate another hike in interest rates.
The Bank of England’s expected to increase rates later this year after reviewing the state of the pound and inflation.
Experts have predicted interest rates could reach 6% next year, hugely increasing people’s monthly mortgage payments.
The Evening Standard’s Deputy Political Editor David Bond discusses why some mortgage deals have been pulled, and why Labour are calling this latest development the 'tip of the iceberg' for the economy.
Sam Richardson, Deputy Editor of Which? shares some consumer advice for worried first-time buyers and home-owners.
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