Nearly 3,000 mortgage products have been withdrawn from the market and over 20 providers have withdrawn their entire fixed rate mortgage ranges, data from Defaqto shows.
The findings come as the UK economy continues to slump with the Pound weakening further and the stock markets dropping.
Katie Brain, consumer banking expert, Defaqto, said: “Within the space of a week we have seen some dramatic changes within the mortgage market.
“What products are left are changing at a rapid pace, lenders seem to be really unsure of what to offer and what price with so many changes in the money markets at the moment.
“Unfortunately for borrowers this means that the cost of a mortgage has increased, some providers increasing their fixed rates by more than 1.50%, when the base rate only increased by a fraction of that.
“However, interest rates on best buys for 5-year fixed rates have not increased as much as the 2-year fixed rates (yet), so if you are someone who is on a variable rate and are looking to fix, or coming to the end of a current deal then now is the time to act as interest rates are changing daily.”
| House Purchase | |||||||
| LTV | Best rate then 22.09.22 | Fees Payable | Best rate today29.09.22 | Fees Payable | Difference in rate | Increase in repayment based on £150k | |
| 2 Year | 60% | 4.06% | £490 | 4.29% | £0 | 0.23% | £16.63 |
| 75% | 4.06% | £490 | 4.29% | £0 | 0.23% | £16.63 | |
| 90% | 3.49% | £999 | 4.40% | £0 | 0.91% | £70.13 | |
| 95% | 3.99% | £199 | 4.60% | £0 | 0.61% | £50.31 | |
| 5 Year | 60% | 3.82% | £490 | 3.78% | £995 | -0.04% | -£0.68 |
| 75% | 3.86% | £490 | 3.80% | £995 | -0.06% | -£2.33 | |
| 90% | 3.98% | £490 | 3.93% | £995 | -0.05% | -£1.50 | |
| 95% | 4.09% | £199 | 4.52% | £0 | 0.43% | £35.16 | |
| Remortgage | |||||||
| LTV | Best rate then 22.09.22 | Fees Payable | Best rate today29.09.22 | Fees Payable | Difference in rate | Increase in repayment based on £150k | |
| 2 Year | 60% | 4.06% | £490 | 4.25% | £0 | 0.19% | £13.27 |
| 75% | 4.06% | £490 | 4.27% | £0 | 0.21% | £14.95 | |
| 90% | 3.49% | £999 | 4.43% | £0 | 0.94% | £72.67 | |
| 95% | 3.99% | £199 | 4.60% | £0 | 0.61% | £50.31 | |
| 5 Year | 60% | 3.54% | £999 | 3.73% | £0 | 0.19% | £10.39 |
| 75% | 3.65% | £999 | 3.81% | £0 | 0.16% | £7.97 | |
| 90% | 3.98% | £490 | 4.25% | £0 | 0.27% | £19.93 | |
| 95% | 4.52% | £0 | 4.52% | £0 | 0.00% | £0.00 |
