Fixed Rate Fix?

Mortgage lenders are showing their nerves as key players in the market withdraw their lowest fixed rate deals.

Reuters (London) reports that the Nationwide which is currently the second largest mortgage lender in the UK, has withdrawn its fixed rate products. The Alliance & Leicester, Skipton, Portman and Kent Reliance Building Societies have also withdrawn their best-buy fixed rate mortgage deals.

According to the Council of Mortgage Lenders latest figures, some 87% of first time buyers are looking for fixed rate deals and as a result, are likely to be the hardest hit group.

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