Two more major lenders are withdrawing mortgage products for new customers with little notice as providers continue to increase their rates gracegausden93 reports
announced this morning it will withdraw its fixed-rate and tracker mortgages this evening for new residential and buy to let customers and will not re-introduce them until Wednesday. Its full product transfer range will still be available and customers who have already applied will not be impacted.announced it would temporarily withdraw all mortgage products for new customers on Friday from 5pm with just over two hours’ notice.
Lenders are doing this when their loans get close to being the cheapest on the market. If this happens, they are likely to be inundated with new business, which can crash their systems. Also as swap rates have already gone up this morning – the rate lenders pay on fixed-rate home loans – they are nervous about agreeing to lend at rates that could quickly turn out to be loss leaders.
TSB today said it was reducing its two and five year rates by up to 0.4 percentage points for both residential and buy-to-let customers. For people remortgaging it has meant higher costs as rates are going up, and time spent on the phone to lenders, or to brokers, hoping to secure a lower rate. In some instances, products are pulled while the home owners or broker is on the phone, leaving them no option but to remortgage at a higher rate.
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