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.