Roller coaster ride for mortgage products

Commenting, Drew Wotherspoon, director of marketing at John Charcol, said: "The last few weeks have unquestionably been a rollercoaster in the mortgage market. Lenders are looking to get just the right amount of business on their books before removing their market-leading mortgages from the market.

“John Charcol estimates that we have seen 29 lenders make changes to their products already in 2011, with a good proportion changing almost their entire product range.

"The market is almost reminiscent of a long distant running race. No-one really wants to lead the field for the majority of the race, they would much rather be with a number of their competitors in the chasing pack. They are nervous over service levels and taking on too much business, and when you are the front-runner in this market you will get a deluge of business.

“If a lender finds themselves at the top of best buys they want to quickly drop back and will pull their deals at a moment's notice.

"The message for borrowers is to seek independent mortgage advice. A broker with excellent relationships with mortgage lenders will know in advance if when a mortgage is going to be pulled and can act quickly to secure something [for their clients].”