HSBC has temporarily withdrawn all residential and buy-to-let mortgage deals for new borrowers, effective immediately.
The lender says the decision reflects the challenges faced by the UK lending market and the increasing pressures on lenders to raise mortgage rates.
It expects the deals to be available again on Monday but says it is likely that rates will rise when they return.
Saffron for Intermediaries has also announced it is to temporarily withdraw mortgage products. A number of fixed rate deals will cease to be available as of 5pm today, 9 June.
The intermediary arm of the building society says it alerted its intermediary partners of the change, providing 24 hours’ notice.
Saffron Tony Hall head of business development says: “We know that removing products from the market can cause significant disruption for brokers and mortgage applicants alike. Under normal trading standards, we pride ourselves on offering brokers 48 hours’ notice of such changes, however, in these unforeseen circumstances, we are still committing to giving 24 hours’ notice.
“This is in an effort to pull out all the stops to offer the best possible service and mitigate the levels of disruption to brokers so that they have the opportunity to submit a case and secure the product. This commitment is likely to impact the business service levels so we ask that you bear with us while we work through the high volumes of activity that we will experience in the coming days.”
To secure the products listed above, brokers will need to submit a full mortgage application with all fees paid by 5pm today.
Saffron adds that it will no longer be launching its 5.47% first-time buyer (FTB) five-year fix or 5.57% FTB JBSP (joint borrower sole proprietor) five-year fix.
