UK Banks Withdraw Highest Number of Mortgage Products Since 2022 Due to Iran CrisisImpact of Iran Crisis on UK Mortgage MarketBy Lawrence WhiteRecord Number of Home-Loan WithdrawalsLONDON, March 10 (Reuters) - British banks withdrew more home-loan products on Monday than on any day since the 2022 mini-budget turmoil, data from financial services provider Moneyfacts showed, as the Iran crisis sent energy prices and UK borrowing costs soaring. Lenders withdrew 308 residential mortgage products from the market on March 9, compared with 935 pulled on September 27, 2022, when a new government under then-Prime Minister Liz Truss announced huge tax cuts funded by borrowing. Monday was the biggest single-day fall in the market since that record day in 2022, apart from July 23, 2024, when a single specialist lender streamlined its products, Moneyfacts said. Lender Reactions and Future OutlookThe mortgage market turmoil this week marks "a sharp and sudden adjustment by many lenders reacting to rapidly rising swap rates," said Adam French, head of consumer finance at Moneyfacts. Reporting Credits(Reporting by Lawrence White, additional reporting by Iain WithersEditing by Gareth Jones)

Source: The Guardian March 10, 2026 19:08 UTC