Vida Homeloans pulled its entire buy-to-let new business range yesterday with no warning, while other lenders have given notice of BTL withdrawals today amid “exceptional” conditions.
Aldermore, Quantum, Rely and Interbay have all announced they will be repricing BTL and commercial products this afternoon.
In an email to brokers yesterday, Vida said: “Due to exceptional and rapidly changing market conditions, we will be withdrawing our full, new business mortgage product range with immediate effect.
“We plan to re-launch our range within the next 72-hours once market conditions stabilise.
“We always aim to provide advance notice; however, due to the circumstances, this isn’t possible on this occasion and we apologise for any inconvenience this may cause.”
Aldermore gave notice yesterday of changes which will take place at 5pm today in a message to brokers.
It said that “due to current market volatility” it would be withdrawing all five-year fixed rates for residential, buy-to-let and product switches.
Quantum Mortgages warned it would be withdrawing all fixed rates to reprice at 5pm today.
It said: “Please be advised that due to the current global economic climate and its impact on swap rates we will be adjusting our pricing.”
Interbay also gave notice yesterday that all buy-to-let, commercial and semi-commercial products would be withdrawn and repriced today at 5pm.
Rely, which like Interbay is part of OSB Group, is also repricing at the same time.
It comes as Gen H prepares to hike prices by 33bps today following earlier increases and Santander, TSB, Halifax, NatWest and many others raise rates.
