Newcastle Building Society is the latest lender to withdraw its mortgage product range as lenders race to reprice.
Economic instability has led a large number of lenders to pull either fixed rate products or their entire mortgage product ranges as they wait for calmer waters.
This morning, according to Moneyfacts, the market saw a total of 935 mortgage products withdrawn in the past 24 hours leaving brokers racing against time to place deals.
Following today’s withdrawals that number now looks certain to have passed the 1,000 mark.
Stuart Miller, chief customer officer at Newcastle Building Society, told The Intermediary: “Volatile market conditions are making it extremely challenging for lenders to price fixed rate mortgages.
“We’ve been carefully looking at what that means for our mortgage products and it has led us to withdraw our product range whilst we wait for the market to stabilise.
“We will continue to progress cases where a mortgage offer has already been issued and we’ll look to launch a new range of products as soon as we can.
“Borrowers nearing the end of their current fixed rate should contact their mortgage broker or lender as normal.
“We know some of the headlines and economic forecasts can be concerning, especially on top of rising food and energy prices.
“Anyone worried about being able to pay their existing mortgage should contact their lender who will be able to help with tailored support.
“Newcastle Building Society customers with any query about their mortgage can talk to us on 0345 601 0014 or visit www.newcastle.co.uk for more options.”
