Clydesdale Bank will “temporarily” pull all loans to new borrowers today (15 June), while InterBay has confirmed that it has withdrawn its entire buy-to-let range at 65% LTV.
Clydesdale Bank, which is owned by Virgin Money, says the decision was forced on the lender due to “high demand”. It will withdraw these products at 5pm today.
The firm says that its product transfer range for existing customers remains available, adding that Virgin Money offers are unchanged.
Clydesdale Bank tells brokers: “If you’re applying for one of these products on behalf of your customer, please send us the application as soon as possible.”
The lender adds it will “launch a new range of products next week”.
This is the second time Clydesdale Bank has withdrawn products in a week. It pulled loans last Friday, and returned with new pricing on Tuesday.
Meanwhile, InterBay has pulled all of its buy-to-let loans at 65% LTV.
The lender, which focuses on commercial, semi-commercial and BTL loans, withdrew this mortgage at 5pm on Wednesday.
But adds that brokers who have submitted an agreement in principle, will see them honoured as long as fees and supporting documents are uploaded before 5pm on 20 June.
The firm is part of the OSB financial group, which includes Precise Mortgages, Kent Reliance for Intermediaries and Charter Savings Bank.
The moves come in a fast-moving market, with swap rates rising on ‘higher for longer’ Bank of England base rate expectations after disappointing inflation figures late last month.
OSB group intermediary director Adrian Moloney says: “OSB group has continued to offer a range of products across their three lending brands Precise Mortgages, Kent Reliance for Intermediaries and InterBay at a time when other lenders have withdrawn.”
“The market is obviously changing quickly and yesterday we made the decision to withdraw our buy to let mortgage range up to 65% LTV from InterBay, to protect service levels and ensure our brokers get the support they need.”
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