Mortgage lender pulls pre-offer rates as borrowers face 8% interest

Mortgage lender pulls pre-offer rates as borrowers face 8% interest themetestcroca themetestcroca https://secure.gravatar.com/avatar/1ce75481a2ae0ca70f9f95b99b8005a2?s=96&d=mm&r=g October 18, 2022 October 18, 2022

luestone Mortgages made the decision last week to pull all its pre-offer rates after telling brokers the scale of rises in swap rates had made its pipeline “sub-economic”.

The decision, communicated to brokers on October 12, has left clients facing interest rates of over 8 per cent.

“I felt sick having to tell her”, Mansfield-based broker Lewis Shaw told FTAdviser. He had secured a 6.25 per cent deal for his client, but the lender’s decision not to honour the rate meant her mortgage interest repayment changed to 8.25 per cent.

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