Expert Mortgage Advice as Nearly 500 Deals Go and Rates Hit 5%

Expert mortgage advice as nearly 500 deals go and rates hit 5%

Financial experts have issued advice to homebuyers after 472 residential mortgage products were withdrawn in 48 hours and average rates passed 5%

Hundreds of mortgage products pulled as rates soar past 5%

Many lenders have scrambled to hike their rates in recent days

Nearly 500 mortgage deals vanish from the market as rates climb above five per cent overnight

The UK mortgage market has experienced its most significant upheaval since the September 2022 mini-budget crisis, with close to 500 residential mortgage products disappearing from the market within just two days

Mortgage market records largest drop in deals since mini-budget - 472 withdrawn

Average mortgage rates on the market are also at levels not seen since last summer.

Mortgages disappear at fastest pace since mini-budget as average rates top 5%

Moneyfactscompare.co.uk said over the past 48 hours, 472 residential mortgage products have been withdrawn from the market.

Average mortgage rates rise above 5% as lenders continue to withdraw deals, data reveals

According to Moneyfactscompare, the average 2-year fixed residential mortgage rate reached 5.01% on 11th March, up from 4.84% on 6th March.