UK economy latest news: Date of 324 cost of living payment revealed – as interest rate forecasts drop again | UK News

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By Sarah Taaffe-Maguire, business reporter

The number of mortgages on the market has continued to increase following last week’s sharpest fall in mortgage deals on the market since depths of the pandemic.

Lenders had pulled nearly 1,000 mortgages, a record number in a single day, on 28 September, more than double the previous record set in the depths of the pandemic, according to figures from Moneyfacts, the financial information company.

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There were 2,358 mortgage products on offer on Tuesday, up from the low of 2,258 recorded by Moneyfacts over the weekend. But the increased number is still below the nearly 4,000 mortgages that were on offer on the day the chancellor announced his mini-budget.

Uncertainty over the Bank of England’s interest rate setting policy, which came as a result of the market turmoil caused by Kwasi Kwarteng’s mini-budget announcement, led to lenders withdrawing mortgage products.

Products have been pulled over fears the Bank will further increase interest rates, making it more expensive for borrowers. The Bank has signaled it was prepared to hike rates further to bring inflation down.

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