Super cheap mortgage deals will 'disappear in the next month'

Experts are predicting that sub-1% mortgage rates will completely disappear in the next month. The Bank of England has hinted heavily at an interest rate rise next month and mortgage lenders have started pulling their cheapest rates from the market. The number of fixed-rate sub-1% mortgages has fallen by almost a third in the past two weeks, from 131 to 93, according to Moneyfacts. Samuel Tombs, of consultancy Pantheon Macroeconomics, said more sub-1% deals were likely to disappear in the next month. "There has been a rapid reassessment of how quickly rates will rise. Lenders do not have the scope to absorb this, so they will have to pass the cost of a base rate rise on to borrowers,” he said. 

The Daily Telegraph (22/10/2021)