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Another 300 mortgage deals pulled of market and 40% of deals have disappeared since mini-budget
29 September 2022, 12:24 | Updated: 29 September 2022, 12:27
Another 300 mortgage deals have been pulled from the market as 40% of deals have disappeared since the mini-budget last Friday.
Liz Truss 'doubled down' on the mini-budget and 'spooked' the markets
In the last 24 hours, another 321 residential products have been withdrawn from the market, according to the latest data from Moneyfacts.co.uk.
Some 2,340 mortgage products were on sale on Thursday - down from 2,661 on Wednesday after the choice fell by a record 935 products since Tuesday and Wednesday.
It was the highest fall since records began in November 2011 and double the last record which was made as the UK went into lockdown in 2020.
On Friday, the day of the mini-budget, 3,961 products were available - meaning mortgage product choice has shrunk by 1,621 deals since last Friday.
Brokers have said they expect lenders to return with new deals in the coming days.
Speaking on ITV's Good Morning Britain, Martin Lewis warned a mortgages 'ticking time bomb' awaits if the UK interest rate rises.
Speaking earlier during the interview, Mr Lewis said: "What has happened to our market is specific to the UK, based on the decisions that were made in the mini-budget."
Mr Lewis said the markets were expecting the big debt to come from energy bills "but then suddenly we had the income tax cuts".
He continued: "The Government may be saying tax cuts are right and maybe in the long run they will be proved to be right, but like in comedy, timing is everything.
"And to throw all those things together has absolutely spooked the markets out there and made us look like we are a nation of comedians, frankly.
"The thing about the markets, it's easy to dismiss them. It's easy to say, 'This is city boys and girls doing their stuff and we don't care about them.'
"But they are not dispassionate commentators. They are not just standing on the sidelines saying, 'We don't like that.'
"They are controlling billions and trillions of pounds of money that move major economies."