Jun 8, 2023

HSBC withdraws mortgage deals for new borrowers

HSBC has temporarily withdrawn mortgage deals for new borrowers in a further sign of turbulent times in the UK lending market. There have been predictions that the Bank of England will raise rates higher than previously thought, from their current 4.5% to as high as 5.5%. It has prompted many lenders to raise mortgage rates and also to remove deals. HSBC said on Thursday that it was withdrawing new deals "To ensure that we can stay within our operational capacity and meet our customer service commitments". Nationwide, Britain's biggest building society, said it would raise some of its fixed mortgage rates for new borrowing from Friday, which it said would ensure they "Remain sustainable." Financial data firm Moneyfacts said it has seen several mortgage providers hiking rates on deals over the past week.

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