The number of mortgage products available has now halved since the start of December.
Lenders withdrew a record number of mortgage products overnight, according to analysts, as they grappled with the prospect of rising interest rates.
A total of 2,661 mortgage products are still available - but that is half the number that were on sale at the start of December last year when interest rates started to rise. Usman, a 33-year-old self-employed courier, said if he took out a fixed rate mortgage today he would be facing monthly payments of more than £1,250 a month.
However, mortgage brokers are reporting a high number of calls from buyers hoping to lock in deals as soon as possible. They are warning that if the rates on offer climb too high buyers could pull out.
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