Deepening mortgage turmoil spells trouble for Rishi Sunak

Rates are surging again as inflationary pressures continue to exert themselves and the City bets on a swift response from the Bank of England, writes James Moore

Around one in five first-time buyers are taking out ‘deals’ lasting more than 35 years (PA)

Is the ghost of Liz Truss rattling her chains and spooking the mortgage market? It probably feels like that for borrowers.

The price of both two- and five-year fixed loans has leapt in recent days, while the number of deals on offer has tumbled as lenders withdraw their products.

The latest data from Moneyfacts indicates 4,686 deals on the market compared to a high of 5,385 on 22 May, just a couple of weeks ago.