9/26, 8:40 PM (Source: TeleTrader)
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Report: UK mortgage firms suspend new home loans

Virgin Money and Skipton Building Society, major mortgage lenders from the United Kingdom, have suspended new mortgage deals after the government unveiled its new economic policies, the Financial Times reported on Monday.

At the same time, Lloyds Banking Group plc's Halifax, the country's biggest mortgage provider, is temporarily and partially withdrawing some new home loan deals, according to the report.

The costs to lenders have reportedly increased as the yields on the United Kingdom government bonds soared in light of the new tax cuts that were announced last week by the recently-appointed Chancellor of the Exchequer Kwasi Kwarteng.

Baha Breaking News (BBN) / MS