We’re withdrawing some of our mortgage products
Today (27th September), we’re withdrawing products from our Prime and Near Prime mortgage range for new applications. Also, later on today, we’ll also be making some changes to our remaining products.
Withdrawing products for new applications
At 12pm today (Tuesday 27th September), we’re withdrawing the following products for new applications:
- All Prime purchase and remortgage products
- All Near Prime products
This means that, for the time being, we will only be accepting applications for:
- 2- and 5-year retention-only 95% LTV (available 0-95% LTV)
- 2- and 5-year further advance 95% LTV (available 0-95% LTV)
Please note: Our outgoing products will be available until 12pm today (Tuesday 27th September) on MSO, and our website will be updated shortly after.
Changes to our remaining products
At 5pm today (Tuesday 27th September), we are also making the following change to some of our remaining products:
- Increasing all further advance and retention-only rates by 1.00%
Please note: Our current further advance and retention-only rates will be available until 5pm today (Tuesday 27th September) on MSO, and our website will be updated shortly after. If brokers wish to secure a product with the current rates, a full mortgage application must be submitted before this time.
Why are banks withdrawing their mortgages?
Following the Chancellor’s mini-budget and the Bank of England Monetary Policy Committee’s decision to increase the base rate last week, the markets have been very volatile. As a result, we are seeing a number of lenders temporarily withdrawing product ranges to assess the situation prior to re-entering.
For new business queries and submitted cases, contact our TBDMs on firstname.lastname@example.org or 0333 399 0055, Monday to Friday from 9am to 5pm.