According to figures from Moneyfacts, the total number of residential mortgages currently stands at 3,596 as of today, which is down from 3,880 yesterday.
It is also down from the 3,961 products available on Friday last week, when some lenders started to withdraw their products following Chancellor Kwasi Kwarteng’s mini Budget announcing a range of tax cuts.
Lenders have been temporarily pulling their new business products to reprice them due to the falling pound, soaring swap rates and base rate increases.
The withdrawals could potentially be a streamlining of product offerings rather than a reduction in broker choice, and it is unclear whether certain loan to value tiers are more impacted than others.
Lenders said that new products would be released imminently but did not have offer timelines for re-release.
Brokers have urged potential borrowers to act quickly and have all relevant documents ready as lenders reprice.
Pricing on products has been on an upward trajectory over the past few months as well, with the average two-year fixed rate across all loan to values pegged at 4.24 per cent and average five-year fixed rate across all LTVs pegged at 4.33 per cent as of the first of this month.
This is up from 2.38 per cent for two-year fixed rates and 2.63 per cent for five-year fixed rates in the same period last year.
Brokers have reported a surge in clients looking to pay early repayment charges to leave their current fixed rate and remortgage as mortgage pricing continues upwards.
