HSBC, Virgin Money and Saffron withdraw mortgage deals, are only some of the most recent lenders.
All residential and buy-to-let mortgage offers from HSBC have been temporarily discontinued, with immediate effect.
The lender claims that the choice is a reflection of the difficulties the UK lending sector is facing as well as the mounting pressure on lenders to boost mortgage rates.
It anticipates that the offers will be accessible once more on Monday, but warns that it’s possible that rates may increase.
Additionally, Saffron for Intermediaries has disclosed that it will temporarily stop offering mortgage products. A handful of fixed rate agreements will be discontinued as of today, June 9, at 5 p.m.
The building society’s intermediary division claims that it gave 24 hours’ notice of the change to its intermediary partners.
Saffron “We know that taking products off the market can cause significant disruption for brokers and mortgage applicants alike,” says Tony Hall, head of business development. We pride ourselves on giving brokers 48 hours’ notice of such changes under normal trading standards, but in these unusual circumstances, we are still committing to providing 24 hours’ notice.
This is being done in an effort to go above and above to provide the finest service possible and minimise levels of inconvenience to brokers so they may submit a case and secure the product. Please be patient with us as we manage the large volumes of activity that we will encounter over the next several days because this commitment is likely to have an impact on the business service levels.
Brokers have till today at 5 p.m. to submit a complete mortgage application with all costs paid in order to secure the aforementioned items.
The 5.47% first-time buyer (FTB) five-year fix and the 5.57% FTB JBSP (joint borrower single proprietor) five-year fix will no longer be offered, according to Saffron.
As of today at 5 o’clock, Clydesdale Bank will also announce that it would stop offering new commercial mortgage products.
For current clients, it claims that the product transfer range will still be available. The selection of Virgin Money products is still available and unaltered.
Beginning on Tuesday, June 13, 2023, at the start of business, Clydesdale will introduce a new line of items.