A new analysis by Moneyfactscompare – perhaps still better known by its old name, Moneyfacts – shows precisely how many mortgage deals have now been withdrawn by lenders.

It says that within the residential mortgage sector Bank of Ireland UK, Bath Building Society, Furness Building Society, Newcastle Building Society, Halifax, Hinckley & Rugby Building Society, Kensington, LendInvest, Marsden Building Society, MPowered Mortgages, Principality Building Society, Scottish Building Society and Vernon Building Society have pulled selected fixed mortgage products. 

Aldermore, Foundation Home Loans and Tipton & Coseley Building Society have pulled their entire fixed rate range.

And over the past two weeks or so the number of mortgages has fallen from 5,385 deals to 5,012.

Simultaneously the average rate on a two- and five-year fixed mortgage has risen to 5.38 and 5.05 per cent respectively.

“We have seen a few lenders withdraw selected fixed products, with some pulling out of the market, at least temporarily. Product choice has started to fall, and as may be expected, average fixed mortgage rates are on the rise. This volatility is down to the concerns surrounding future interest rate hikes, and lenders are reassessing their propositions” explains Rachel Springall, Moneyfactscompare’s finance expert.

“Consumers looking to refinance will find rates around 5% on average for a fixed deal, compared to around 3% a year ago. It is vital borrowers seek advice to assess the situation and to find a mortgage that suits their circumstances.”

Meanwhile the buy to let market has also seen lenders pull fixed deals, and average rates are on the rise.

Moneyfactscompare says that within the BTL sector: Precise Mortgages, Kensington, Kent Reliance and Marsden Building Society have pulled selected fixed mortgage products. 

And Aldermore, Bank of Ireland UK, CHL Mortgages, Fleet Mortgages, Foundation Home Loans and The Mortgage Lender have pulled their entire fixed rate range.

Since late May the number of BTL mortgages has fallen from 2,748 deals to 2,343. The average rate on a two- and five-year fixed BTL mortgage has risen to 5.61 and 5.52 per cent respectively since the start of May.

Springall adds: “Average rates are expected to keep climbing because of the ongoing concerns over future interest rate hikes. 

“Buy to let product choice dropped below 1,000 deals in October last year, in the aftermath of the [Liz Truss] fiscal announcement, so it will be a concerning echo of that period if choice plummets to such a low again. Interest rates are only part of the decision-making process when entering a buy to let investment, so it is always wise to seek advice to ensure it is the right time to commit to a deal.”