Mortgage News
Atom Bank and Accord Mortgages withdraw select products – round-up
Atom Bank will withdraw prime and near prime mortgage ranges for new applications from today and increase rates for further advances and retention-only rates.
The lender said that it would take down its products for new customers from 12pm. This includes all prime purchase and remortgage and all near prime products.
It added that it would only accept new applications for two and five-year retention-only products up to 95 per cent loan to value (LTV) and two and five-year further advance products up to the same LTV.
Atom Bank said that it would increase further advance and retention-only rates by up to one per cent from 5pm today.
The lender said that it was withdrawing its mortgages as the Chancellor’s mini-Budget and the Bank of England’s decision to increase the base rate had made markets “very volatile”.
Consequently, several lenders were temporarily withdrawing products to “assess the situation prior to reentering”.
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Accord removing resi and buy-to-let new business
Accord Mortgages said it would temporarily withdraw all residential and buy-to-let new business products from 8pm this evening.
The lender confirmed that there would be no changes to product transfers or additional loan and applications in progress would “continue as normal”.
Accord said that the decision was a result of “current market conditions” as it reviewed product ranges.