Mortgages continue to be scrapped by UK lenders

First-time homebuyers are facing another setback as UK lenders continue to withdraw their most competitive home loan products from the market. Abbey National, which currently offers the only 100 percent mortgage on the market, is rumoured to be withdrawing this product as soon as this week. Various other lenders, including Scottish Widows and Co-operative Bank, have also dispensed with a number of their most popular loans, The Independent reported today.

Last week, The Independent reported that mortgage approval rates fell to their lowest point in nearly a decade during February – a decline that followed hot on the heels of banks withdrawing many of their competitive loan products from the market.

Another major blow to UK homeowners – and aspirant buyers – was the news that First Direct was pulling out of the home loan market entirely. The announcement was made last week, as the major lender struggled to cope with enormous demand for its fixed-rate mortgage. As more and more products are pulled from the markets, first-time buyers and existing homeowners coming to the end of their fixed-rate mortgages are struggling to find affordable home loan products.

Speaking to The Independent, Melanie Bien of Savills Private Finance explained that first-time buyers, as well as existing homeowners wishing to refinance their properties, are likely to battle to secure financing. “There are still mortgages available to those buying for the first time or remortgaging but it is tougher out there. The majority of lenders are edging up pricing on fixed-rate and tracker mortgages to protect service levels and as an alternative to pulling out of the market entirely,” she explained.

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