Record number of UK mortgage deals pulled in one day as market mayhem takes hold

Abstract

935 mortgage products were pulled from the market on Tuesday, according to Moneyfacts. The company said this was the largest ever daily drop on record, with the previous high being 462 when the first U.K. Covid lockdown was announced in 2020. Concerns about mortgage rates becoming unaffordable have spiked among borrowers and lenders. There have also been reports of house sales falling through. The Bank of England will implement further interest rate hikes. The British pound fell to an all-time low. The yield on the U.S. 10-year gilt soared to 14-year highs earlier in the week.