A host of lenders have announced product withdrawals today, with one of the most eye-catching being Halifax Intermediaries’ latest update.

The lender says that by the end of Tuesday 27 September, all products in its homebuyer range that charge a fee – including shared equity and green products – will be removed.

Additionally, Foundation Home Loans is withdrawing all of its residential products at the end of today, 26 September, Kensington will be removing the majority of its residential and buy-to-let (BTL) options, and Keystone has announced that all of its product offerings will be taken off the market juts before midnight tonight.

BM Solutions is also withdrawing its BTL and Let to Buy mortgages that charge a fee, Clydesdale Bank is taking a selection of new business deals off the market, West One has withdrawn its entire BTL catalogue with immediate effect, and The Nottingham for Intermediaries is in the process of repricing a number of its offerings.

In the meantime, rumours that the Bank of England’s monetary policy committee (MPC) will conduct an emergency meeting to raise interest rates following sterling’s record-breaking drop against the US dollar have heated up throughout the day.

So far the Bank of England has not offered any comment. The next MPC meeting is officially scheduled for 3 November.

Carl Summers Financial Services adviser Scott Taylor-Barr says: “The chancellor stood at the ballot box on Friday and delivered a mini-budget for growth. He certainly managed that: since then, we’ve had growth in interest rates, growth in public borrowing, growth in uncertainty for sterling and growth in concern for the UK economy.

“I’m not 100% sure that was the growth he had in mind and the immediate reaction from financial markets has not been kind… we’re now looking at the vast majority of mortgages in their range being 4% or more, which is an incredible rise when you consider the rates we could access not so long ago.”

And Harmony Financial Services Imran Hussain comments: “Smash, bang and wallop, but sadly this is just the start. Many lenders will follow suit given that another rate rise, potentially this week, is looking imminent.

“Products will get chopped and changed quicker than we can all keep up. The mortgage market was already hectic and now it’s going haywire. Swap rates for two-year products are now above 5%. Compared to where we were a year or so ago, that’s frankly insane.”