Hundreds of mortgage products withdrawn as interest rates surge

Hundreds of mortgage products have been withdrawn after sterling crashed to the lowest levels in decades against the dollar and the Bank of England said it wouldn’t hesitate to step in and raise interest rates further.

Estate agent's window
Mortgages are going to get a lot more expensive
(Image credit: © Jason Alden/Bloomberg via Getty Images)

Hundreds of mortgage products have been withdrawn after sterling crashed to the lowest levels in decades against the dollar and the Bank of England said it wouldn’t hesitate to step in and raise interest rates further.

Almost 300 mortgage deals have been pulled in the last 24 hours alone, reports The Guardian, with warnings that the base rate could climb to 6% next year.

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Saloni Sardana

Saloni is a web writer for MoneyWeek focusing on personal finance and global financial markets. Her work has appeared in FTAdviser (part of the Financial Times),  Business Insider and City A.M, among other publications. She holds a masters in international journalism from City, University of London.

Follow her on Twitter at @sardana_saloni