UK lenders struggle to cope with demand as mortgage costs soar ...Qatar

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UK lenders struggle to cope with demand as mortgage costs soar
source : Gulf Times ( Qatar ) () 17
UK lenders are pulling mortgage products to avoid being overwhelmed by surging demand from customers seeking to fix their payments amid record rises in home loan rates. Some borrowers, typically with larger mortgages, are even paying penalties to get out of their existing loans so they can secure lower repayments, according to Tony Davis, head of mortgage products at Metro Bank Plc. Home sales have fallen sharply in recent months as many workers returned to the office, making a move to the countryside less appealing. Lenders have switched their focus to existing homeowners, 3.1mn of whom are due to see their fixed-rate deals expire either this year or next. That competition has cut margins,

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