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Panic As Lenders Slam Doors On Mortgage Deals - Financial Times

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Lenders pull out of mortgage deals

See http://www.ft.com for full article -


Brokers had as little as 10 minutes’ notice on Thursday when Scottish Widows removed the bulk of its mortgage range.

Some borrowers have agreed mortgage deals only to see them disappear from the market just hours before completing their applications.

The root of the problem is unprecedented volatility in the mortgage markets.

Paul Welch, managing director of Clegg Gifford Private Clients, the mortgage broker. “So few lenders are in the market now that those left just cannot cope with the business.”

The market for borrowers without a deposit has practically dried up.

In the past lenders would typically have given at least a few days’ notice before they withdrew rates. But some are now choosing to give little or no notice so as to avoid a last-minute stampede from borrowers desperate to secure the best deal.

Scottish Widows, which is part of Lloyds TSB, said it had withdrawn from the market for a few days because it was seeing “very high levels of applications”.

C&G, also part of Lloyds, announced yesterday morning that it was pulling a number of buy-to-let mortgage loans from brokers at the end of the day to prevent its levels of service from being flooded by new applications.

Halifax, Mortgage Express, Bank of Scotland and Woolwich have also withdrawn rates at short notice in the past month.

Edited by gruffydd

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The root of the problem is unprecedented volatility in the mortgage markets.

no the root of the problem was incompetent, greedy banks, who funked up royally and now are looking at our taxes and licking their banking lips knowlingly and winking at other banks. also knowingly.

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  • 298 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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