") no-repeat center center;background-size:10px 16px;content:' '}@media(min-width:768px){.UeJNJ::before{display:none}}.cPCVUJ{min-height:389px;margin-bottom:16px;clear:both}@media(min-width:1000px){.cPCVUJ{min-height:380px}}.gSkBXd{aspect-ratio:16/9}.rAFIl{width:100%;box-sizing:border-box}@media(min-width:768px){.rAFIl{max-width:634px}}@media(min-width:1250px){.rAFIl{max-width:622px}}.dLkuvY{display:flex;width:auto;box-sizing:border-box;align-items:center;justify-content:flex-start;gap:4px;color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.jrwZqm{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.dHXFkr{display:inline-flex;align-items:center;justify-content:center;gap:4px}.dHXFkr:hover .sc-aja53j-2,.dHXFkr:hover .sc-a5wy94-0{color:#ac2a2c;color:light-dark(#ac2a2c,#f58992)}.lcJUSj{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.hJPJVF{display:flex;position:relative;overflow:hidden;width:auto;height:40px;flex-direction:column;order:-1;gap:8px;opacity:1;transition:all .5s ease-in-out;transition-behavior:allow-discrete}.hJPJVF::after{--fade-from:rgba(255,255,255,0);--fade-mid:rgba(255,255,255,0.5);--fade-to:#fff;position:absolute;bottom:0;left:0;z-index:1;width:100%;height:40px;background-image:linear-gradient(to bottom,var(--fade-from) 0,var(--fade-mid) 50%,var(--fade-to) 100%);content:'';opacity:1;pointer-events:none;transition:opacity 150ms ease-out}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-from:light-dark(rgba(255,255,255,0),rgba(0,0,0,0))}}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-mid:light-dark(rgba(255,255,255,0.5),rgba(0,0,0,0.5))}}@supports(color:light-dark(red,red)){.hJPJVF::after{--fade-to:light-dark(#fff,#000)}}@media(min-width:768px){.PdmgT{order:-1}}@media(min-width:768px){.eMEmGu{display:flex;position:relative;align-items:flex-start;margin-top:12px}}@media(min-width:1000px){.lfyduH .taboola{display:none}}.lfyduH:has(#taboola-carousel-thumbnails){min-height:426px}.lfyduH:has(#taboola-mid-article-thumbnails-crime){min-height:405px}@media(min-width:1000px){.lfyduH:has(#taboola-carousel-thumbnails),.lfyduH:has(#taboola-mid-article-thumbnails-crime){min-height:0}}.iUtUOL .tp-container-inner,.iUtUOL .sc-1suqprf-0{position:relative;box-shadow:0 -22px 16px 22px rgba(255,255,255,0.95);box-shadow:0 -22px 16px 22px light-dark(rgba(255,255,255,0.95),rgba(0,0,0,0.95))}.iUtUOL.closed{display:none}.cAWJSb{width:32px}.cAWJSb,.cAWJSb:focus{color:#627aac;color:light-dark(#627aac,#627aac)}.cAWJSb:hover,.cAWJSb:active,.cAWJSb:focus-visible{color:#9cabcb;color:light-dark(#9cabcb,#9cabcb)}@media(min-width:768px){.cAWJSb.mobile-only{display:none}}.kvSIBL{width:32px}.kvSIBL,.kvSIBL:focus{color:#4e4e4e;color:light-dark(#4e4e4e,#4e4e4e)}.kvSIBL:hover,.kvSIBL:active,.kvSIBL:focus-visible{color:#919191;color:light-dark(#919191,#919191)}@media(min-width:768px){.kvSIBL.mobile-only{display:none}}.fAfNYP{width:32px}.fAfNYP,.fAfNYP:focus{color:#25d366;color:light-dark(#25d366,#25d366)}.fAfNYP:hover,.fAfNYP:active,.fAfNYP:focus-visible{color:#66e093;color:light-dark(#66e093,#66e093)}@media(min-width:768px){.fAfNYP.mobile-only{display:none}}.jOXOdf{width:32px}.jOXOdf,.jOXOdf:focus{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.jOXOdf:hover,.jOXOdf:active,.jOXOdf:focus-visible{color:#f58992;color:light-dark(#f58992,#f58992)}@media(min-width:768px){.jOXOdf.mobile-only{display:none}}.dzqQwN{display:flex;gap:12px}.dFzDMM .sc-17yxc4y-0{display:none}.dFzDMM:hover .sc-17yxc4y-0,.dFzDMM.bookmark-button-saved .sc-17yxc4y-0{display:block}.dFzDMM:hover .sc-17yxc4y-1,.dFzDMM.bookmark-button-saved .sc-17yxc4y-1{display:none}.dFzDMM.bookmark-button-saved .sc-17yxc4y-0{display:block}.dFzDMM.bookmark-button-saved .sc-17yxc4y-1{display:none}.dFzDMM.bookmark-button-saved:hover .sc-17yxc4y-0{display:none}.dFzDMM.bookmark-button-saved:hover .sc-17yxc4y-1{display:block}.iJqvPe{display:inline-block;width:32px;height:32px;color:#70a5a7;color:light-dark(#70a5a7,#70a5a7)}.sQzGY{display:flex;flex-direction:row;justify-content:center;gap:12px}.cNueyK{display:flex;position:relative;justify-content:center}@media(min-width:768px){.cNueyK{justify-content:flex-end;padding-top:12px;margin:0}}.dUmHef{display:flex}.sticky .dUmHef{flex-direction:column}.igSthU{overflow:hidden;height:23px;margin-bottom:8px;border-bottom:0;clear:both}@media(min-width:768px){.igSthU{height:25px}}.fvIzys{display:inline-block;flex-shrink:0;margin:0 12px 0 0;font:bold 14px/normal 'Indy Sans','Indy Sans Fallback',sans-serif}.fvIzys::after{content:':'}.knjHva{display:inline-block;margin-right:12px;margin-bottom:4px;color:#222;color:light-dark(#222,#fff);font:normal 14px/1.29 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration:underline}.knjHva::first-letter {text-transform:capitalize}@media(min-width:1000px){.subscribed .gryCYY{margin-top:-184px}.article-feature:not(.article-feature-video) .subscribed .gryCYY{margin-top:-407px}}.gryCYY>p{margin:16px 0}.article-premium .gryCYY>p{line-height:27px}.gryCYY>h2{font-size:21px}.article-climate .gryCYY>h2{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.article-sgi .gryCYY>h2{color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}.gryCYY>p:first-child{margin-top:0}.gryCYY span:first-child~p:first-of-type{margin-top:0}.FtcnY{display:flex;position:relative;max-width:100%;min-height:600px;justify-content:center;margin:0 auto;background-color:transparent;clear:both}@media(min-width:1000px){.FtcnY{min-height:450px}}.teads .FtcnY{display:block}.FtcnY [data-mpu]{position:sticky;top:16px}@media(min-width:1000px){.cCcguK{display:none}}.cCcguK[data-mpu1]{min-height:600px}.cCcguK.pb-20{padding-bottom:20px}.dFpFuY{overflow:hidden;width:100%;box-sizing:border-box;margin-bottom:16px}@media(min-width:768px){.dFpFuY{max-width:634px}}@media(min-width:1250px){.dFpFuY{max-width:622px}}.dmMyEN{width:100%;box-sizing:border-box;padding:8px 12px 12px;border-top:8px solid #ec1a2e;border-top:8px solid light-dark(#ec1a2e,#ec1a2e);background-color:#fde8ea;background-color:light-dark(#fde8ea,#66000a)}@media(min-width:768px){.dmMyEN{padding-top:4px;padding-bottom:12px}}.fXvmgM{font:bold 22px/26px 'Indy Serif','Indy Serif Fallback',serif;margin:0 0 12px;text-align:center}@media(min-width:768px){.fXvmgM{font:bold 30px/34px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.048px;margin-bottom:12px;text-align:left}}.ivTlwT{display:block;margin-bottom:12px}@media(min-width:768px){.ivTlwT{display:none}}.hfMbpT{display:flex;width:100%;box-sizing:border-box;align-items:center;justify-content:center;gap:4px;background-color:#fde8ea;background-color:light-dark(#fde8ea,#66000a);color:#ec1a2e;color:light-dark(#ec1a2e,#ec1a2e)}@media(min-width:768px){.hfMbpT{width:auto;justify-content:flex-start}}.dAuNha{display:block;font:bold 14px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;text-decoration-line:underline;margin-block:0;text-align:center}.jiDyot{display:inline-flex;align-items:center;justify-content:center;gap:4px}.jiDyot:hover .sc-hez36s-5,.jiDyot:hover .sc-a5wy94-0{color:#ac2a2c;color:light-dark(#ac2a2c,#f58992)}.laZbyn{font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.juUDRT{display:flex;width:100%;flex-direction:column}@media(min-width:768px){.juUDRT{display:flow-root;gap:24px;transition:margin-bottom .3s ease-in-out}}.kRWakq{display:flex;width:100%;flex-direction:column;align-items:center;justify-content:center}@media(min-width:768px){.kRWakq{position:relative;z-index:1;width:212px;flex-shrink:0;justify-content:flex-start;margin-left:24px;float:right}}.eJjJXF{display:none;flex-direction:row;align-items:center;justify-content:center;gap:8px;margin-top:8px}@media(min-width:768px){.eJjJXF{display:flex;margin-top:12px}}.dLfZIO{display:flex;width:100%;align-items:center;justify-content:center;gap:8px;margin-top:8px;margin-bottom:12px}@media(min-width:768px){.dLfZIO{display:none}}@media(min-width:768px){.cqPbFA{order:-1}}.jZSKtc .sc-aja53j-5::after{--fade-from:rgba(253,232,234,0);--fade-mid:rgba(253,232,234,0.5);--fade-to:#fde8ea}@media(min-width:360px){.jZSKtc .sc-aja53j-5 .sc-aja53j-7{display:none}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-from:light-dark(rgba(253,232,234,0),rgba(102,0,10,0))}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-mid:light-dark(rgba(253,232,234,0.5),rgba(102,0,10,0.5))}}@supports(color:light-dark(red,red)){.jZSKtc .sc-aja53j-5::after{--fade-to:light-dark(#fde8ea,#66000a)}}.cKWiEj{margin:0 0 24px;font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.huxBsk{font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}.jaiOuh{display:flex;min-height:600px;justify-content:center}@media(min-width:1000px){.jaiOuh{min-height:450px}}.jasvOK{min-height:600px}@media(min-width:1000px){.jasvOK{min-height:450px}}.jasvOK.mobile-only{display:block}@media(min-width:1000px){.jasvOK.mobile-only{display:none}}.jasvOK.desktop-only{display:none}@media(min-width:1000px){.jasvOK.desktop-only{display:block;margin-bottom:16px}}.jasvOK.desktop-only+p{margin-top:0}.jasvOK .third-party-ad{position:sticky;top:16px}.bYBoJE{width:100%;flex-grow:1}.bYBoJE .social-share{width:100%;padding-top:10px;padding-bottom:20px}@media(min-width:768px){.bYBoJE .social-share{justify-content:flex-start}}.bYBoJE .social-share.sticky{display:none}@media(min-width:1000px){.bYBoJE .social-share.sticky{display:flex;position:sticky;top:14px;width:34px;flex-direction:column;padding-top:0;margin-top:0;margin-left:-25%}.bYBoJE .social-share.sticky .sc-mgcah7-0{margin:0 0 16px}.article-feature-video .bYBoJE .social-share.sticky{margin-top:0}.article-feature:not(.article-feature-video) .bYBoJE .social-share.sticky{margin-top:35%}}.bYBoJE.sponsored-article img,.bYBoJE.sponsored-article video{width:100%;max-width:602px;height:auto}.bYBoJE.sponsored-article iframe{max-width:602px;max-height:400px}.bYBoJE .under-article-prompt-donations{padding-bottom:8px;margin-top:-3px}.bYBoJE .big-letter{--color:#222;display:flex;position:relative;width:0;height:0;align-items:center;justify-content:center;padding:40px;margin-top:22px;margin-right:12px;border:1px solid var(--color);float:left;font:normal 52px/1 'Indy Serif','Indy Serif Fallback',serif;text-transform:uppercase}.bYBoJE .big-letter:first-child{margin-top:6px}.bYBoJE .big-letter::before{position:absolute;top:0;left:0;width:100%;height:100%;box-sizing:border-box;border:1px solid var(--color);border-radius:50%;content:''}.bYBoJE #taboola-below-article-1{min-height:2350px}@media(min-width:768px){.bYBoJE #taboola-below-article-1{min-height:3370px}}.bYBoJE #taboola-below-article-1-split-num-1{min-height:130px}@media(min-width:768px){.bYBoJE #taboola-below-article-1-split-num-1{min-height:415px}}.bYBoJE .sc-fwko30-0+.sc-1xtsh2b-0{margin-top:-16px}@media(min-width:768px){.bYBoJE{max-width:636px;margin:0}}@media(min-width:1000px){.bYBoJE{max-width:624px;margin:0}.bYBoJE.subscribed{max-width:636px}}@media(max-width:999px){.bYBoJE{padding-right:0}.bYBoJE .under-article-prompt-donations{margin-top:-18px}}.bYBoJE .anchor-nav-header{scroll-margin-top:79px}.bYBoJE .anchor-nav-header a{color:#222;color:light-dark(#222,#fff)}.bYBoJE .anchor-nav-header a:hover{color:#222;color:light-dark(#222,#fff)}@supports(color:light-dark(red,red)){.bYBoJE .big-letter{--color:light-dark(#222,#fff)}}.liYrJc{display:flex;flex-wrap:wrap;justify-content:flex-start;margin-bottom:8px;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.liYrJc{width:70%;align-items:center;justify-content:flex-start;margin-bottom:0;font:normal 16px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.liYrJc{width:70%;margin-bottom:0}}.dMNxBE{display:flex;height:20px;margin:0 12px 8px 0}.article-voices .dMNxBE{height:auto}@media(min-width:425px){.article-voices .dMNxBE{height:20px}}.dMNxBE::before{display:inline-block;align-self:center;margin-top:1px;margin-right:12px;content:'\2022';transform:scale(1.5)}.dMNxBE:first-child::before{content:none}@media(min-width:768px){.dMNxBE{height:24px;margin-bottom:0}.dMNxBE::before{margin-top:2px}}.dMNxBE time{display:block}.dMNxBE time::first-letter {text-transform:capitalize}.kChmxD{margin-right:4px;margin-left:-12px}.efpEY{display:inline-block;margin:0 12px 8px 0;color:#ef4757;color:light-dark(#ef4757,#ef4757);font:bold 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif;letter-spacing:-0.5px}.efpEY:hover,.efpEY:active{color:#f58992;color:light-dark(#f58992,#f58992)}@media(min-width:768px){.efpEY{margin-bottom:0}}.fefQOD{margin:0 4px 8px 0}.fefQOD::before{display:inline-block;margin-top:2px;margin-right:12px;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);content:'\2022';transform:scale(1.5)}.fefQOD:first-child::before{display:none}@media(min-width:768px){.fefQOD{margin-bottom:0}}.bMRmfY{display:flex;justify-content:flex-start;padding:0;margin:0 0 16px}@media(min-width:768px){.bMRmfY{display:flex;width:30%;align-items:center;justify-content:flex-end;margin:0}}@media(min-width:1000px){.bMRmfY{width:30%}}.dfBarH{padding-top:0;border-top:0;border-bottom:0}@media(min-width:768px){.dfBarH{display:flex;flex-flow:row wrap;padding-bottom:16px}.dfBarH .sc-mzrbq8-0{order:1}.dfBarH .sc-mzrbq8-6{order:2}}@media(min-width:1000px){.dfBarH{flex-direction:row}}.gkrVhQ{padding:16px 12px 12px;text-align:left;font:bold 14px/18px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.gkrVhQ{padding:16px 16px 12px}}.article-infact .gkrVhQ{padding:16px 0}@media(min-width:1000px){.gkrVhQ{padding:24px 0 19px}.article-feature .gkrVhQ{max-width:968px;margin:0 auto}}.gkrVhQ a{color:#fff;color:light-dark(#fff,#fff)}.gkrVhQ a:hover{color:#f58992;color:light-dark(#f58992,#f58992)}.gkrVhQ a:hover::after{color:#fff;color:light-dark(#fff,#fff)}.gkrVhQ a::after{margin-right:4px;margin-left:4px;content:'>'}.gkrVhQ a:last-child::after{display:none}.gbPKFW{margin:0 0 20px;letter-spacing:0}.bulCXp{margin:0;color:#d3d3d3;color:light-dark(#d3d3d3,#d3d3d3);font:normal 16px/20px 'Indy Sans','Indy Sans Fallback',sans-serif}@media(min-width:768px){.bulCXp{font:normal 18px/22px 'Indy Sans','Indy Sans Fallback',sans-serif}}@media(min-width:1000px){.bulCXp{font:normal 20px/24px 'Indy Sans','Indy Sans Fallback',sans-serif}}.bulCXp p{font:inherit}.article-feature .bulCXp a{font-weight:bold}.gOoYlj{max-width:968px;margin:0 auto;background:#222;background:light-dark(#222,#222)}@media(min-width:1000px){.parallax .gOoYlj{max-width:1240px}}.fdtMsm{font:bold 32px/36px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0156em}@media(min-width:768px){.fdtMsm{font:bold 44px/48px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0113em}}@media(min-width:1000px){.fdtMsm{font:bold 54px/58px 'Indy Serif','Indy Serif Fallback',serif;letter-spacing:-0.0092em}}.cuYuhQ{background:#222;background:light-dark(#222,#222)}.cuYuhQ .sc-qvufca-1{max-width:968px;background:#222;background:light-dark(#222,#222)}.cuYuhQ .sc-qvufca-0{margin:0}@media(max-width:999px){.cuYuhQ .sc-qvufca-0{margin:0 12px 0}}.cuYuhQ .sc-qvufca-2,.cuYuhQ .sc-1cmj4ml-0{color:#fff;color:light-dark(#fff,#fff)}.cuYuhQ .sc-qvufca-2{margin:0 0 20px}.cuYuhQ .sc-1cmj4ml-0{margin-bottom:16px}.eBMXOi{max-width:100%;clear:both}@media(min-width:1000px){.kFNaRc .sc-qvufca-1{padding:0 16px}}.fzuCgM{overflow:hidden;height:0;color:transparent}.fmcHss{max-width:100%;margin:0 0 20px}.fmcHss.sticky{position:sticky;top:16px}.hlxBlR{min-height:600px}.hlxBlR #mpu1,.hlxBlR #sidebar1{position:sticky;top:16px}.MxpAk{min-height:250px}.clQXMC{max-width:100%}.eEtnsS{margin:0 0 6px;color:#646464;color:light-dark(#646464,#bdbdbd);font-family:'Indy Sans','Indy Sans Fallback',sans-serif;font-size:15px}.PbXHI{margin:0 0 12px}.hVucHy{height:380px}.pAheK{width:100%;height:51px}.lgmjvx{margin-bottom:16px;border-bottom:1px solid #919191;border-bottom:1px solid light-dark(#919191,#646464)}.gSAEA-d{margin-bottom:16px}.gSAEA-d [role='listitem']{position:relative;margin-bottom:12px;border-bottom:1px solid #d3d3d3;border-bottom:1px solid light-dark(#d3d3d3,#919191)}.gSAEA-d [role='listitem'] .sc-u4n1j-0{display:flex;position:absolute;bottom:16px;left:10px;width:32px;height:32px;align-items:center;justify-content:center;border-radius:50%;background-color:#ec1a2e;background-color:light-dark(#ec1a2e,#ec1a2e)}.gSAEA-d [role='listitem'] .sc-u4n1j-0>svg{width:90%;fill:#fff;fill:light-dark(#fff,#000);stroke:transparent}.gSAEA-d [role='listitem']:first-child{display:block;padding-bottom:0;margin-bottom:12px}.gSAEA-d [role='listitem']:first-child .sc-u4n1j-0{top:-15px;bottom:auto;left:12px}.gSAEA-d [role='listitem']:first-child>*:first-child{display:block;width:100%;height:205px}.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg:#222;--content-bg-opaque:rgba(34,34,34,0.7);position:absolute;bottom:0;width:100%;padding:28px 12px 12px;background:linear-gradient(to top,var(--content-bg) 70%,var(--content-bg-opaque) 100%) no-repeat;color:#fff;color:light-dark(#fff,#222);font-size:17px;font-weight:bold}.gSAEA-d [role='listitem']:last-child{margin-bottom:0;border-bottom:0 none}@supports(color:light-dark(red,red)){.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg:light-dark(#222,#222)}}@supports(color:light-dark(red,red)){.gSAEA-d [role='listitem']:first-child>*:last-child{--content-bg-opaque:light-dark(rgba(34,34,34,0.7),rgba(34,34,34,0.7))}}.fgtiQY{min-height:1924px}@media(max-width:767px){.fgtiQY{display:none}}.eqQkhO{width:308px;height:100%;margin-left:auto}.eqQkhO.hidden{display:none}@media(max-width:999px){.eqQkhO{display:none}}.article-liveblog .dzfINj{background-color:#f7f7f7;background-color:light-dark(#f7f7f7,#222)}.jBkNwU{justify-content:center}.cumEve{justify-content:center}@keyframes hqVOOe1548920386{from{transform:translateX(0)}to{transform:translateX(-100%)}}@keyframes bReFEb1548920386{from{transform:translateX(100%)}to{transform:translateX(0)}}
Stay up to date with notifications from The Independent Notifications can be managed in browser preferences.
Not now Yes please
News UK Home News Hundreds of mortgage deals vanish from market after mini-budget Halifax, Virgin Money and Skipton Building Society pull fixed-rate products for new customers
Hundreds of mortgage deals vanish from market days after mini-budget Your support helps us to tell the story From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference. Read more Hundreds of mortgage deals have vanished from the market in recent days after the mini-Budget triggered market turmoil.
Several lenders including Halifax, Virgin Money and Skipton Building Society have pulled their fixed-rate products for new customers.
Smaller lenders including Scottish Building Society, Darlington Building Society, CHL Mortgages, Bank of Ireland, Clydesdale Bank, Paragon, Leek United Building Society and The Nottingham for Intermediaries have also taken the same action, according to FT Adviser .
Analysis of the market by Moneyfacts.co.uk found that on Friday, the day of the mini-Budget, 3,961 residential mortgage products were available.
By Monday this week, the total had fallen to 3,880, and by Tuesday it had shrunk further to 3,596 deals - a reduction of 365 compared to Friday - the analysis for the PA news agency found.
The overall choice of mortgage deals remains significantly higher than it was during the depths of the coronavirus pandemic, which also caused significant economic uncertainty.
A particular low point was in October 2020, when 2,259 mortgage deals were available.
During the pandemic, low-deposit mortgage deals, often used by first-time buyers, were particularly at risk of being pulled as lenders were concerned about “riskier” lending.
But this time around, the mortgage withdrawals appear to be more evenly spread across different loan-to-value (LTV) brackets.
Rachel Springall, a finance expert at Moneyfacts.co.uk, said: “The upheaval in the mortgage market may cause frustration amongst both borrowers and brokers as they see deals disappear overnight.
“The market remains considerably volatile so it’s vital consumers seek independent advice to assess what their best options are right now.”
David Hollingworth, associate director communications at broker L&C Mortgages, said those who already had a deal agreed with their lender did not need to worry.
He also said he did not think it would be too long before lenders came back with new deals.
Mr Hollingworth said that while it was not unusual for lenders to withdraw deals, what had happened in recent days had been “incredibly fast-paced”.
He said “lenders are having to rethink”, which may be due to cost changes, as swap rates, which lenders use to price their mortgages, have increased.
Several lenders including Halifax, Virgin Money and Skipton Building Society have pulled fixed deals for new customers (Getty Images) Lenders will also have an eye on what others in the market are doing and will want to price in a way which protects their own service levels, he added.
Mr Hollingworth said he expected them to “relaunch once the dust settles” – which could generally be at higher rates than previously.
He added: “The more it (withdrawing deals) happens, the more you reduce the choice for borrowers, but I don’t think it will be too long before you see lenders coming back.”
On Monday, Virgin Money said: “Given market conditions we have temporarily withdrawn Virgin Money mortgage products for new business customers.
“Existing applications already submitted will be processed as normal and we’ll continue to offer our product transfer range for existing customers.
“We expect to launch a new product range later this week.”
Halifax also said on Monday that it was withdrawing mortgages that came with a fee.
“As a result of significant changes in mortgage market pricing we’ve seen over recent weeks, we’re making some changes to our product range,” it said.
“There is no change to product rates, and we continue to offer fee-free options for borrowers at all product terms and LTV levels, but we’ve temporarily removed products that come with a fee.”
The Skipton Building Society said on Monday that it had also withdrawn its offers for new customers, in order to “reprice” given the market movement in recent days.
The decisions were taken after markets started predicting massive jumps in interest rates this year and next.
The Bank of England is expected to hike its base rate by another two percentage points by the end of the year, and rates could top 6 per cent next year according to market expectations.
The Resolution Foundation think tank said that for a homeowner with a £140,000 mortgage, rates rising to 5 per cent could mean monthly payments increasing by around £190, relative to rates remaining at 2.25 per cent.
Interest rates of 6 per cent would push this typical mortgage payment up by around a further £80 a month, or roughly £1,000 a year, the foundation said.
Additional reporting by Press Association
Thank you for registering Please refresh the page or navigate to another page on the site to be automatically logged in Please refresh your browser to be logged in
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments