Banks that have long fought each other to win mortgage customers, are now, unusually, taking steps to repel them. Some are withdrawing entire mortgage ranges with very little notice and many are increasing interest rates to levels that are demonstrably unattractive.

Borrowers looking for new mortgages are being thrown into complete chaos as deals they have agreed with their broker disappear from the market just hours before applications were to be signed. Many are now facing unaffordable increases to mortgage payments.