Fleet Mortgages is withdrawing its products tomorrow and has promised there will be price cuts in its relaunched range.

In an email to brokers today, the lender says it will be introducing lifetime tracker products with free or discounted valuations and no early repayment charges.

The new range will see deals pegged to Bank of England base rate instead of Libor as the measure is due to be phased out at the end of 2021.

Brokers wishing to secure deals from the current product range have until 5pm tomorrow to submit cases for decision in principle and 5pm on Wednesday for full applications.