UK government bonds sinking could lead to higher mortgage interest rate payments 👉 Industry experts have warned the mortgage market is in a “mess” with lenders pulling deals as they cannot keep up with the fall-out from the mini budget last week
Andrew Montlake, spokesperson for Coreco mortgage brokers, said he had not seen anything like it since the credit crunch of 2008.
He said: “It’s incredibly complex to organise a mortgage at the moment. You spend time researching a product then five minutes later you get an email saying it has been pulled.” When bond prices fall, the amount of return investors want for their money increases as the investment is seen as more risky.
Halifax said it was removing all products that come with a fee “in response to significant changes in swap rates”.
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