More than 200 mortgages withdrawn over the weekend

This represents 4% of the total number of mortgages on the market as lenders factor in higher interest rates.

More than 200 mortgages have been withdrawn since Friday, equating to just over 4% of the lending options on offer.  

This follows the recent trend, when 373 mortgages were withdrawn from the market in the week to 30 May.

Much of this is due to the release of unexpectedly high inflation figures for April, with many analysts expecting this to force the Bank of England to increase its base rate further.

“This volatility is down to the concerns surrounding future interest rate hikes, and lenders are reassessing their propositions,” Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said at the time.

Since Friday, Santander and Furness BS are just two providers to remove some of their fixed rates while the Co-operative Bank withdrew its entire mortgage range.

Other lenders, however, have returned to the market at higher rates. Halifax, the UK’s largest mortgage lender, increased some of its fixed rate offerings by 0.30 percentage points today while Leeds BS increased some of its mortgage offering by 0.40 percentage points on Friday.

Graph: Mortgage rates are on the rise since the latest inflation figures were announced on 24 May. Chart created with flourish.studio

Since 24 May, when the inflation figures for April were released, the average two year fixed deal has increased by 0.38 percentage points to 5.72%.

This increase roughly translates to an additional £45 per month onto a mortgage of £200,000 over 25 years.

The average five year fixed rate has seen a similar increase too and now charges £47 more a month than it would have done on 24 May.

To personalise your mortgage rates, use the calculator below.