Recent rises in the cost of borrowing are sending banks and building societies scrambling to alter their fixed rate mortgage deals, with products selling out and even being withdrawn by lenders.

Skipton Building Society has pulled its fixed-rate mortgage offers completely off the market following the Bank of England's decision to raise interest rates to 5.25 per cent last week.

And other mortgage providers are making far-reaching changes to the deals they offer lenders to bring them in line with current interest rates.

Skipton Building Society was one of several national lenders to pull its fixed-rate deal after the rises.

A spokesman said: "The withdrawal was directly related to the rise in interest rates.

"Managers are in meetings this week reviewing the situation and we expect to announce new offers and rates within the next 48 hours."

Yorkshire Building Society completely sold out of its ten-year fixed-rate offer over the weekend as homebuyers panicked to avoid the latest rise in the cost of borrowing.

The Bradford-based lender plans to launch a new deal later this week in line with new interest rates.

A spokesman said: "We had more than 600 applications for the ten-year fixed-rate product over the weekend.

"It has been a trend for the last few years for people to take a fixed rate deal every two years or so but of late people are taking longer and longer offers."

Bradford & Bingley has not withdrawn its fixed-rate offers but a spokesman said it was reviewing its prices and that B&B would be "taking into account the cost of fixed rate funding and our competitive position," when making decisions.

Julia Harris, a mortgage analyst for consumer website Moneyfacts.co.uk, said: "The shock announcement of last week's base rate increase may have taken lenders by surprise, with most industry experts expecting the rise to occur in February or March.

"However there is a twist in the tail this time round. So far 12 lenders, predominately building societies have withdrawn either selected fixed rates or their entire fixed rate range, without launching replacement products.

"With a further rate rise still on the cards for 2007, those consumers on a tight budget will need to act quickly before more of the current best buy fixed rate deals vanish."