Foundation has pulled all products and says “this isn’t a decision we’ve taken lightly”.

The lender says: “It’s a necessary step to ensure we can keep doing what matters most: making mortgages happen.”

“We’re keeping a close eye on the market and will bring our products back as soon as conditions allow.”

Products will be removed at 5:30pm today.

Meanwhile, Family Building Society pulled all of its fixed rate mortgage products yesterday with immediate effect.

The product withdrawals apply for both new and existing customers, and are no longer available for purchase, remortgage, further advance or product switch applications.

The society’s range of discounted variable rate mortgage products remains unchanged.

Family Building Society says: “We intend to launch a new range of fixed mortgage products as soon as it is operationally possible. We’ll let you know as soon as these become available.”

Elsewhere, Kensington is set to reprice its entire residential and buy-to-let (BTL) product ranges at close of business tomorrow.

New products will be available from 26 March.

Yesterday saw lenders scrambling to withdraw products or hike prices amid soaring swap rates, causing the average rate to spike.

Mortgage availability has shrunk by a fifth as around 1,500 deals have been withdrawn by lenders since the start of the conflict.

Data from Moneyfacts shows the average rate across all types of product is now at its highest level since August 2024.

Today, the average mortgage rate has surged by 59 basis points since the outbreak of war climbing from 4.89% in late February to 5.48% this morning and gaining 14bps in the last day alone.

The average two-year fix is now 5.51% and average five-year fixed is now 4.95%, the comparison site’s latest data reveals.

Commenting on the movements yesterday, John Charcol mortgage technical manager Nick Mendes says: “The latest SONIA swap rates have moved down from earlier today, with two-year money now at 4.178%, three-year at 4.137% and five-year at 4.121%. That matters for mortgages because lenders price fixed rates off future funding costs, not simply where Bank Rate sits today.”

“A number have still moved today, with Family Building Society withdrawing all fixed rates, Fleet temporarily pulling its fixed-rate range including product transfers, Nationwide increasing selected fixed and tracker rates from tomorrow, and Accord putting through further rises across residential, product transfer, additional borrowing, and buy-to-let ranges.”

“That is really the point for borrowers. Mortgage pricing is moving in real time and does not simply wait for the next Bank of England decision. Markets may have calmed a touch as the day has gone on, but lenders are still dealing with a more volatile funding backdrop and that is continuing to feed into live pricing.”