New fixed rate loans withdrawn

An unexpected upturn in money-market interest rates has forced mortgage lenders to withdraw fixed-rate deals within days of announcing them.

National Counties closed its 3.75 per cent and 3.89 per cent three-year fixed rates on Monday and Woolwich withdrew all its fixed rates on Wednesday. The next day Charcol pulled its 3.85 per cent five-year fixed rate that had been released only a few days earlier.

Charcol's Ray Boulger said: "Money-market swap rates have increased by 0.5-0.75 per cent in the past week. For anyone wishing to fix in the next few months, get in quick before the rest go."