The lender emphasised that it wanted to continue to support the intermediary market in the UK, and that the decision had followed months of planning and discussions on how best to proceed with the proposition.

The lender highlighted that due to a severe restriction in the level of funds it has available for this year, the products it offers will be prime and not particularly competitive. As a result, it said it will ‘hibernate’ its relationships with networks and clubs, arguing that they mainly compete on price.

For more information, check this week’s Mortgage Solutions magazine here.