HSBC has withdrawn all its mortgage deals for new customers after being swamped by applications from borrowers rushing to refinance before rates rise even higher. The lender gave borrowers just four hours' notice yesterday that it was going to pull its new business, residential and buy-to-let offers at 5pm. Homeowners and buyers have rushed to lock in deals as rates keep increasing amid the ongoing turmoil in the mortgage market. Most lenders have already raised rates on fixed deals or pulled deals from the market, including Halifax, which hiked its deals by up to 0.82 percentage points. Barclays, NatWest and Nationwide have also increased mortgage rates.

Source: Daily Mail June 09, 2023 20:32 UTC