Matron here with further update on fixed rate mortgages being withdrawn -which normally means an interest rate rises is on its way!

Home owners eager to fix the cost of their mortgage ahead of a widely anticipated rise in interest rates could find the shelves empty, as lenders withdraw their cheapest deals!

Nationwide, the UK's second largest mortgage lender, has withdrawn its fixed rates, while Alliance & Leicester, Portman, Skipton and Kent Reliance building societies (all of which boasted best-buy deals up until early last week) have also shut up shop on their most attractive fixed-rate products (They clearly know something we don't!)

First-time buyers looking for added security in the early years of repaying their home loans are likely to be the hardest hit.

Oliver Gilmartin, senior economist at the Royal Institute of Chartered Surveyors (RICS), said: "As some providers look to pull products, existing fixed rate deals are likely to command a higher price in the market, adding to the woes of first-time buyers."

Some 87% of first-time buyers are opting for a fixed rate mortgage, according to recent data from the Council of Mortgage Lenders.

The moves come amid expectations that the Bank of England (BoE) will raise its benchmark rate by 0.25% to 5.50% next month and possibly again thereafter.

A Reuters poll shows that 49 of 51 economists forecast a hike in May and a third expect rates to go even higher to 5.75 % or above by the year-end.

Not good news for any of us already struggling with a mortgage is it?