Canada Life is temporarily closing Capital Select Options, second home options and over 55 buy-to-let mortgages to new business and said: “We will continue to monitor the situation on a daily basis until market conditions stabilise.”
On pipeline, it will pause acceptance of applications on the deals above and if advisers have already generated an illustration, the lender will not accept a linked application.
If applications have already been submitted, cases will be processed. If the client already has an offer, it is secure, according to the lender, and will also be processed. It reminded brokers, expiry dates on deals cannot be extended beyond those first stated in the offer and the client’s cover letter.
The provider continues to accept new business on its Lifestyle Select Options range. It also continues to support existing customers with applications for cash reserve facilities, further advances and porting.
Livemore pauses new fixed rate mortgage lending
Meanwhile, retirement and term interest-only specialist Livemore has paused new fixed rate mortgage lending.
It said this is a temporary measure, caused by the dislocation in UK currency and money markets, with fixed rate products withdrawn from the market until conditions allow repricing to occur.
Leon Diamond, CEO of LiveMore Capital said: “With the pound plummeting and volatility in money markets, we are temporarily suspending our fixed rate mortgage products until conditions settle down and we can re-enter the market with sensible pricing.
“These are unprecedented times and this is the only sensible thing to do given the circumstances.”