One in 10 mortgage deals disappear

This is a clear example of what we are seeing across the market. As a broker, I am still not used to seeing such a lack of choice on my sourcing systems to the point I am second guessing myself and double checking the information is correct , and unfortunately it is. Lenders are withdrawing from lending in response to the Bank of England rate rise, value of the pound and sheer volume of panic applications they have received in the past week. If they cannot cope with demand, it is a responsible lending decision to withdraw or pause, even if this offers less consumer choice. Choice is limited, rates are high and it’s a very difficult time to be an adviser. However, it is even more difficult to be a homeowner or homebuyer who does not understand or have the tools to navigate this current market. As brokers, we need to use this time to educate and provide reassurance to our clients that they do still have options, and to explain and provide clarity on some of the scaremongering news stories.

It looks scary but really it's a case of lenders pulling rates to reprice everything over the coming days. Also, bear in mind the massive increase in application volumes that lenders will have seen this week alone and they have to see where the rest of the market lands on repricing too. No one wants to source top at the moment or else they will simply drown in applications which many were doing already before Kwasi and Liz's economic brainfart of a mini budget.

Panic at the Disco. They were never my favourite band anyway. Lenders will comes back with new deals however they’re scared of their own shadow at the moment and want to ensure they can still pay those fat cat banker bonuses. We are seeing repricing but no doubt lenders will be back albeit with higher deals.

If that is all it took to cause this mess, then unfortunately the worst is yet to come.