In a statement, the lender said that in light of current market volatility it would cease accepting new mortgage applications whilst its undergoes a review of its product pricing.
It said that this would not impacting its service for current customers, adding it would “continue to support and serve [them] during these challenging times”.
“We will continue to monitor the situation closely and will keep brokers informed of any further developments,” it added.
Several lenders have temporarily paused new lending and withdrawn new business deals to reprice them as the falling pound, soaring swap rates and base rate increases make it more challenging to price.
Swap rates have been especially unpredictable, with sources saying typical increases are around five to 10 basis points, but they have been increasing by 100 to 150 basis points in a short period of time.
As of 1pm UK time today, two-year swaps were 5.37 per cent and five-year swaps stood at 4.92 per cent.
According to Moneyfacts, the residential mortgage count contracted by a record 935 between Tuesday and Wednesday.
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