Mortgage Market Chaos: Over 9% of Deals Removed as Rates Rise

Nearly 10% of UK mortgage deals have been taken off the market due to uncertainty over interest rates, with lenders reassessing their offers.

Average rates on two- and five-year fixed deals have also risen.

This follows higher-than-expected inflation figures, which led to a change in market expectations for interest rates.

As a result, mortgage rates have increased, and the number of deals available has fallen.

Borrowers may be concerned about the latest developments in the mortgage market, as product choice has started to fall and average fixed mortgage rates are on the rise.

Property prices have been falling due to rising borrowing costs, but buyer confidence appears to be improving.