UK lenders halt mortgage deals to customers after market chaos

Abstract

Virgin Money, Halifax and Skipton Building Society temporarily paused mortgage offers for new customers. Halifax is planning to halt any mortgage products with fees where lower interest rates are usually offered. The British bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his "mini-budget" on Friday. The yield on the U.K. 10-year gilt soared to levels not seen since 2008 on Monday. The British pound dropped to an all-time low. The UK pound plummeted to anAll-time lows. The Bank of England said it would have to continue to hike interest rates to fight rising prices. Inflation fears were accelerated by the market moves.