Lenders are pulling buy-to-let mortgage deals in response to the mini-budget, according to Moneyfacts BTL product availability data, released last week, which revealed that 507 BTL deals were withdrawn in one day, reducing the total to 1,221 - a Moneyfacts record for the highest overnight product fall the company has ever seen. 

Jeni Browne, director of BTL broker Mortgages for Business, commented: “Lenders are taking stock while the current turbulence in the market settles. Lenders who have withdrawn their products will return with new pricing…but all remain committed to returning to fixed-rate lending imminently. While two and five SWAP rates continue to rise, I expect mortgage rates to continue to rise as well. Projections for house prices and yields remain strong due to the ongoing demand for properties from both renters and buyers. The pound will stabilise, energy prices will drop, and landlords are unlikely to see the value of their property crash.”