News
Aldermore to temporarily remove resi and BTL deals due to ‘market conditions’
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.
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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.”