Aldermore will be withdrawing all its residential owner-occupied and buy-to-let mortgage products from 6pm today.
According to a broker note, it had to “make this quick decision in reaction to market conditions”.
“We appreciate it isn’t the usual notice period we’d normally give you and we’re sorry about this,” it added.
The firm said new business products would be removed today and brokers wanting to secure a product would need to submit a decision in principle (DIP) by 6pm.
The company said it would guarantee new business DIPs for 10 days to secure the rate and product, and to give brokers time to get information together for a case.
Aldermore is the latest lender to pull products due to market volatility, with The Mortgage Lender and LendInvest temporarily withdrawing its buy-to-let fixed rates earlier today.
Fleet Mortgages and Lendco said that they would remove select deals yesterday while Nationwide and Platform have repriced deals.
The temporary product withdrawals have been attributed to swap rates, which have risen over the past few days as inflation did not decrease by as much as expected.
A spokesperson for Aldermore said: “Due to wider market conditions, and in line with other lenders, we’re temporarily withdrawing mortgages for new customers. We hope to be back in the market in the near future.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
