Market chaos forces UK lenders to pull mortgage products

Source: Reuters — 

LONDON, Sept 26 (Reuters) – Turmoil in British financial markets forced mortgage lenders to temporarily withdraw and reprice products for new customers on Monday, a real-world consequence of the market volatility thrown up by finance minister Kwasi Kwarteng’s mini-budget last week.

Brokers said the moves were likely just the start of a big shift in Britain’s mortgage market.

The country’s largest mortgage lender Halifax said it was withdrawing its fee-paying mortgage products – where borrowers could pay an arrangement fee in exchange for a lower interest rate – and moving to a full fee-free range.

​