Mortgage lenders flock to withdraw rates

Mortgage lenders up and down the country have flocked to withdraw mortgage rates, allowing only hours for customers and brokers to get applications in. In most cases, these will be followed by product relaunches in the next few days, but the vast majority of these are bound to be at higher rates.

Emails have been hitting brokers systems from early this morning, and so far today Accord, Abbey, Bristol & West, and West Bromwich have all notified withdrawals, which follows hot on the heels of the Nationwide who announced yesterday that fixed rates would increase today.

The increase in inflation to 3.3% as reported by the Bank of England earlier today gives little hope of interest rates cuts in the short term. The question now must be not when are rates going to be reduced, but whether ot not the Bank of England will be forced to raise them.

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