Mortgage deals are being pulled by banks as interest rates are expected to rise sharply. So whether you are a first-time buyer or looking to remortgage, financial expert, Emmanuel Asuquo, tells us his top tips. 📲See more:
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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