Hundreds of mortgage deals vanish from market after mini-budget

manchestereveningnews.co.uk:

Hundreds of mortgage deals have vanished from the market in recent days amid wider economic turmoil. 3,961 residential mortgage products were available on Friday last week, the day of the mini-budget, according to analysis of the market by Moneyfacts.co.uk.

By Monday this week, the total had fallen to 3,880, and by Tuesday it had shrunk further to 3,596 deals – a reduction of 365 compared to Friday, the analysis for the PA news agency found.

However, the overall choice of mortgage deals remains significantly higher than it was during the depths of the coronavirus pandemic, which also caused significant economic uncertainty.

In October 2020, when 2,259 mortgage deals were available. READ MORE:Man found dead in house named as alleged murderer appears in court During the pandemic, low-deposit mortgage deals, often used by first-time buyers, were particularly at risk of being pulled as lenders were concerned about “riskier” lending.