skipton, yeah. skipton. — and i think. skipton, yeah. skipton, that _ and i think. skipton, yeah.that is the one. so and i think. skipton, yeah. - skipton, that is the one. so they have _ skipton, that is the one. so they have all— skipton, that is the one. so they have all withdrawn their their packages. exactly as you say, because — packages. exactly as you say, because of the volatility. they don't — because of the volatility. they don't know what to offer. so there is 3000 _ don't know what to offer. so there is 3000 fixed term mortgages that expire _ is 3000 fixed term mortgages that expire daily in the uk according to the bank— expire daily in the uk according to the bank of england. those people will have _ the bank of england. those people will have to renew their mortgages. when _ will have to renew their mortgages. when they— will have to renew their mortgages. when they caught the mortgage company, the mortgage company doesn't _ company, the mortgage company doesn't know what to offer them, so thev've _ doesn't know what to offer them, so they've withdrawn that offer. a

virgin money and skipton building society halted mortgage offers for new customers, but said submittedstill be processed. halifax — the biggest mortgage lender in the uk — says it is withdrawing a range of new home loans. to explain why i'm joined by fahad kamal — chief investment officer at kleinwort hambros. just explain, as jane touched on there, as the gilts markets go on there, as the gilts markets 9° up, on there, as the gilts markets go up, it has an impact on mortgage products and bags having to withdraw some. talk as to what is going on there. good morning. it's very simple. bank impulses to manage a series of cash flow problems. what that means is if you take a mortgage and you say you want to borrow 100 at the interest rate of ten, you have to pay 110 in a year's time. hopefully they are able to fund that from departments in longhand but they lower interest rates to 8%, they receive 110 and pay keep two of the profit. simple as that. we don't know what the deposit side is going to look like, if that's the problem. they may lend out today at 110 but it turns out you have to p

coletta smith, bbc news in skipton.warteng has met leading bankers and insurers today, and told them he was confident his economic strategy would work. 0ur economics editor faisal islam is here with more details. yes, just in the last six days we have seen the pound fall sharply following last week�*s�*s mini budget. it hit an all—time low yesterday and a recovery later in the day was followed by a further fall. it was 1.08 a short time ago, and a few seconds ago it was a little down on that, down on the day. some argue this is all about the strong dollar, and that has been a factor, but let�*s look at what happened in the poundin let�*s look at what happened in the pound in comparison to all of the major currencies and we can see all the way back to 1992, black wednesday, the financial crisis and fears of a no—deal brexit affecting the currency and just over there is what happened yesterday, close to another all—time low yesterday against this basket of currencies. the pound sterling has been broadly stable today but i

virgin money and skipton building society have halted mortgage offers for new customers.pped mortgages with product fees. this is a concern for people like new dad aaron, whose fixed—term mortgage is coming to an end just as his wife is on maternity leave, and the cost of living continues to rise. naturally, with other costs rising in terms of energy and other bills, it�*s going to certainly, you know, put us at a little bit more of a deficit. i guess i�*m picking up the entirety of the mortgage costs, as well, so, yeah, quite a lot of pressure and a big hit. the treasury tried to regain the confidence of spooked markets by announcing that more of the details and forecasts will be published towards the end of november. meanwhile, the bank of england said it would not hesitate to raise interest rates if necessary, and would make a decision on any action in november. with the economic fallout far from over, it�*s shaping up to be a difficult winter for british families and businesses. vincent mcaviney, bbc news. well, let�*s go now to ben, who is at the bank of england for

halting new mortgage deals because of the volatility of the markets, with halifax, virgin money and skipton building society announcing changes. labour outlines its own plan for the economy at its party conference and is scathing about the government's new measures. at the inquest into the death of molly russell, an executive from instagram's parent company, meta, insists thousands of images the teenager saw online about suicide and self—harm were safe. and science fiction made reality, as nasa plans to try to knock an asteroid off course by crashing a rocket into it. hello, welcome to the programme. the government is under pressure tonight as the financial markets give their verdict on the government's so—called mini budget last friday. the value of the pound plunged to an all time low against the us dollar this morning. tonight, a number of banks and lenders have stopped offering new mortgages because of the volatility in the currency markets. and the amount it costs the government to borrow money — an essential part of its new financial plan — has risen sharply to its highest level since

you have seen halifax and skipton and virgin said we have withdrawn virgin money products for new customersge rates rise to 6%, that is somewhere between a household refinancing fixed rate mortgage say it rise by a massive amount. not everyone is on a mortgage. if you're coming to renew that, that is a problem. will that make a housing market crash? probably not. but it could affect the housing market. thank you. labour — whose annual conference is taking place in liverpool — say the government has "spooked the markets" with a "reckless gamble" on tax cuts — paid for by increased borrowing. the shadow chancellor rachel reeves has been setting out labour's economic vision and pledged that a labour government would bring back the 45p top rate of income tax and use the funds to employ more staff in the national health service. our political editor chris mason reports from liverpool. first thing this morning, and conditions on the mersey are nearly as choppy as the markets. turbulence on the water and in the air, as labour's candidate to be chancellor prepares to set out her party's approach to

coletta smith, bbc news in skipton.ve you had, a quiet one? t of day have you had, a quiet one? i wish, no, it's not been quiet at all. we've never, ever seen it, in the years that me and my colleagues have been doing this, so many rate changes. 50 have been doing this, so many rate chances. :, have been doing this, so many rate chances. ., , :, have been doing this, so many rate chances. ., ,:, , have been doing this, so many rate chances. ., , ., changes. so what sorts of calls have ou had, changes. so what sorts of calls have you had. and _ changes. so what sorts of calls have you had, and how— changes. so what sorts of calls have you had, and how anxious— changes. so what sorts of calls have you had, and how anxious our- changes. so what sorts of calls have i you had, and how anxious our people? very anxious, we've had lots of client news from legacy clients phoning us, asking what to be doing, should we be changing something, should we be changing something, should you be doing something for us? many of us are on f

virgin money and skipton building society have closed offers for new customers, but will consider applicationshat have already been submitted. halifax said it was withdrawing mortgages with product fees, which generally give people a lower rate. yesterday the bank of england said it would "not hesitate" to increase interest rates after the pound hit record lows. our economics correspondent andrew verity is here. andy, why, when the bank of england's official rate is still only 2.25%, are mortgages set to become so much more expensive? well, reeta, we tend to focus on the bank of england's official mortgage rate because when they raise interest rates that's what changes. but fewer than 2 million households have variable rate mortgages. it's already very difficult for some of them. most mortgage holders — about 6 million households — are on fixed rate deals, and almost all lenders are pulling the deals they had on offer last week. here's a list of them — the cost of fixed rate deals depends not on where the bank of england's official rate is now but on what traders on financial markets think is

virgin money and skipton building society have halted mortgage offers for new customers.ages with product fees. this is a concern for people like new dad aaron, whose fixed—term mortgage is coming to an end just as his wife is on maternity leave, and the cost of living continues to rise. naturally, with other costs rising in terms of energy and other bills, it�*s going to certainly, you know, put us at a little bit more of a deficit. i guess i�*m picking up the entirety of the mortgage costs, as well, so, yeah, quite a lot of pressure and a big hit. the treasury tried to regain the confidence of spooked markets by announcing that more of the details and forecasts will be published towards the end of november. meanwhile, the bank of england said it would not hesitate to raise interest rates if necessary, and would make a decision on any action in november. with the economic fallout far from over, it�*s shaping up to be a difficult winter for british families and businesses. vincent mcaviney, bbc news. joining me now is sally mitchell, she is a mortgage advisor and broker f

we have seen lenders like the halifax, the skipton building society, virgin money all withdrawing someeal when your current one expires, your costs could jump. let me illustrate it. if the bank of england puts the base rate up to 6%, which some traders are pricing in for early next year, if you have £200,000 remaining on your mortgage to pay off, you are coming off a two—year fixed deal, your repayments could rise by around £600 a month. that is an extra £600 a month just to pay your mortgage, that is on top of the other cost of living pressures, the higher price of fuel, the higher price of the weekly shop. ben boulos outside the bank of england for us. sally mitchell is a mortgage advisor and broker from the mortgage mum. she�*s been telling me what it means that mortgages are being withdrawn from the market. if you are looking for a mortgage that pool of mortgages just got smaller and they are more expensive. how worried are the people that mortgage brokers are dealing with now? , ., , mortgage brokers are dealing with now? , . , ., now? clients are very worried. the media has — now

halting new mortgage deals because of the volatility of the markets, with halifax, virgin money and skipton

yorkshire building society joined virgin money and skipton building society in halting mortgage offersth product fees. the bank of england said on monday it would "not hesitate" to hike interest rates after the pound hit record lows. our economics correspondent andy verity has been explaining what the falling pound means for mortgages. we tend to focus on the bank of england's official rate, the mortgage rate that it announces at its meetings, but fewer than 2 million households have variable rate mortgages. and it's already very difficult for some of them, but most mortgage holders — about 6 million households — are on fixed rate deals and almost all lenders are pulling the deals they had on offer last week. here's a list of them. the cost of fixed—rate deals depends not on where the bank of england's official rate is now but on what traders on financial markets think is going to happen to rates in the next few years, and it's that that's changed since friday — big time. the bank's official rate, currently 2.25%. by december, traders think that will be 4.5%, and byjune, 5.75%. now, le

yorkshire building society joined virgin money and skipton building society in halting mortgage offers 6% next year and that will increase — will be 6% next year and that will increase monthly payments by up to £6,000 _ increase monthly payments by up to £6,000 for the average mortgage hotden _ £6,000 for the average mortgage holder. ., , ., , , £6,000 for the average mortgage holder. . , . , , , , holder. that is happening, because kwasi kwarteng _ holder. that is happening, because kwasi kwarteng is _ holder. that is happening, because kwasi kwarteng is planning - holder. that is happening, because kwasi kwarteng is planning to - holder. that is happening, because l kwasi kwarteng is planning to borrow so much, investors think it is more risky to lend money to the government and demanding higher interest rates. this what hayes what has happened to the rate the government pays, you can see that sharpjump after government pays, you can see that sharp jump after the announcement on friday. because the government is the least risky borrower to lend to, the least risky borrower to lend to