Banks and building societies are withdrawing some of their mortgages from sale amid market turmoil following the government's mini budget
Nomura, the Japanese bank, forecast that the pound would end the year below parity against the dollar. Meanwhile Paul Donovan, chief economist at UBS global wealth management, said investors were inclined to see the Conservative party as a “doomsday cult”.
"There is no change to product rates, and we continue to offer fee-free options for borrowers at all product terms and LTV levels, but we've temporarily removed products that come with a fee." An increase in the cost of borrowing would impact house prices, as the property market has been fuelled by cheap mortgage rates.
“With house price to income affordability ratios already historically high, a more challenging period for house prices should be expected.” Further rate rises next year will also coincide with more than a million homeowners coming to the end of their fixed-rate deal, meaning they will have to remortgage as interest rates are peaking.
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