MARTIN Lewis has warned of a mortgage “ticking timebomb” if interest rates reach 6% next year. The MoneySavingExpert said that expected future rate hikes could be “catastrophic fo…
have spooked the markets which has lead to lenders withdrawing mortgage products from sale and pricing deals upwards in response.Between Friday September 23 and today a total of 1,621 residential mortgage products have been withdrawn leaving 2,340 on sale.David Hollingworth of mortgage broker L&C Mortgages said: "There are still plenty of changes occurring and still plenty of lenders biding their time before they relaunch rates into the market.
"Some of the major players are adjusting their rates by either pushing them up as Nationwide did yesterday and HSBC did today and or slimming down their range, as Halifax and Barclays have done." Rightmove’s housing expert Tim Bannister said: "Over the past month, activity has shown that the housing market has been surprisingly resilient against headwinds of rising rates and so it looks like for those who can move, they’re going ahead for now.
"We’ve seen demand softening in the past few months, but buyer demand is still 20% higher than the pre-pandemic five-year average, house prices are 15% higher than they were two years ago, and the overall number of homes going through conveyancing is 40% higher than in 2019."at the time, but there are several ways to land the best deal.If you're remortgaging and your loan to value ratio has changed this could also give you access to better rates than before.
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