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Lender product withdrawal and LTVs

Journalist: Anna Sagar, Mortgage Solutions / Specialist Lending Solutions

ended 29. September 2022

Looking to speak to mortgage brokers about lender product withdrawals and whether certain loan to value tiers were impacted. 

  1. Are there more withdrawals at certain tiers than others? Why is that the case? 
  2. Do you expect more lenders to withdraw at certain tiers and why?
  3. Are there specific cohorts that are impacted by product withdrawals? 
  4. What advice would you give customers in the current climate?

1 responses from the Newspage community

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Editor
Emma Jones
Managing Director at Whenthebanksaysno.co.uk
It has been mainly fixed rates that have been pulled from lenders that have not decided to withdraw ALL products. We are expecting to see more lenders withdraw having seen more follow today. Tuesday seems to be a date that we may see more products but again this is ever changing in the current climate. The best thing to do is get advice. If you are already tied into a long fixed term and wanting to explore borrowing additional funds then comparing secured lending options against paying an early repayment charge to exit your current deal is advisable. If you have a deal ending in the next few months get the right advice sooner than later. Tracker products are still available. Even if we cannot help today due to the withdrawals so far we can at least get their documents in and ready to go as soon as we hear news. We can all expect service levels to increase if and when we see those missing products return!