https://www.ft.com/content/117f3121-0738-4ee4-9e72-375ab3794565 The UK’s high street banks are pulling new mortgage loans as a result of soaring gilt yields and turbulence in the markets. Virgin Money and Skipton Building Society are among the lenders that have temporarily halted offering new home loans owing to a large rise in gilt yields. Halifax, part of Lloyds Banking Group, the biggest mortgage lender in the UK, is also withdrawing a range of new home loans at the end of Tuesday, according to a note sent to brokers seen by the Financial Times. The move from the banks comes after UK bond prices, which move inversely to yields, have plummeted and sterling on Monday hit its lowest level against the dollar in almost 40 years. Virgin Money is expected to return to the market later in the week once the markets have stabilised, according to a person close to the situation. Ray Boulger, an analyst at John Charcol, said: “The huge rise in gilt yields means lenders have to reprice mortgages very significantly. I expect by next week, there will be very few mortgage deals available with rates under 5 per cent.”