![]() Those that are currently still in a deal with a low rate are protected for now but will be worried about what is to come. What would your advice be to people trying to get mortgage, a deal in principle, or who are due to renew this year? A deal that is available today could easily be gone by tomorrow, so it can see borrowers rushing to grab a deal while they can, especially as they are likely to be replaced by a higher rate. It is definitely tricky to navigate such a fast-paced market and borrowers no longer have the luxury of time in making a decision on what deal may work for them. What are you seeing on the ground – has there been a big influx of people trying to secure deals, a level of panic? Of course, this makes it difficult for borrowers and advisers to try and stay ahead but with the market shifting so quickly there's a chance that this type of rate activity can snowball and force others to rethink rates. ![]() That can impact service too and will have been a factor in the decision to pull rates rather than leave them another day. Deals have been moving so quickly that there’s a danger that lenders find themselves exposed as the clear leader, knowing that when they do withdraw they will get a further spike of business. It's unusual for a lender of the size of HSBC and Santander to withdraw rates without replacing at least the bulk of the range immediately. How big a surprise was it that HSBC pulled all its deals temporarily? Following HSBC's decision last week to temporarily withdraw all mortgage deals for new borrowers, Sky News put a series of questions to David Hollingworth, from brokers L&C.
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