The bank said on Thursday it would temporarily pull new deals, indicating mortgage market pressures.
HSBC has temporarily withdrawn mortgage deals for new borrowers in a further sign of turbulent times in the UK lending market.The bank said it would remove all its "new business" residential and buy-to-let products on Thursday, with deals available again on Monday.Mortgage rates have been rising since recent data showed that inflation was not coming down as quickly as expected.
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." On Thursday, the average two-year-fixed-rate mortgage rate on the market was 5.82%, according to Moneyfacts, up from 5.49% at the start of June.Some brokers criticised the change by HSBC, with one saying lenders should give notice of a "minimum of 24 hours".
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