In a note to brokers, the firm said that in order to secure a rate on an application it needs to be fully submitted with fees fully paid.
The company said that its buy-to-let tracker product and its residential mortgage range were still available and remain unchanged.
TML offers a core range, fee-saver, expat and holiday and short-term let ranges, with deals for first-time landlords, individual landlords, houses in multiple occupation (HMO) and multi-unit blocks (MUB) and limited company available.
The firm pointed to the “increased cost of funding” as the reason for the temporary withdrawal and urged brokers to submit applications by the deadline.
It noted that if an application was a refer decision, then it would still need to be fully submitted by close of business to honour the rate, so it would need to be worked on by the administration team before the broker could submit a full mortgage application.
The company said that it was putting significant resource into working referred cases as quickly as possibly, and it expected to cope well with demand but said brokers should submit cases sooner rather than later.
Steve Griffiths, Chief Commercial Officer at TML, said: “Yesterday we alerted brokers that as of close of business on Friday 26th May we would be withdrawing our fixed rate BTL products for a short period of time in order to review pricing. Brokers were asked to submit applications and ensure fees were paid before the deadline in order to secure the current pricing for these products.
“We understand how product withdrawals with short or no notice have significant impact on intermediaries and their customers so have given adequate time for brokers to submit their cases.”
LendInvest to take down fixed rate BTL deals
LendInvest said that it would withdraw all its fixed rate buy-to-let products at noon today and would prepare a “new catalogue” to go live after the Bank holoday.
Tracker products, including product switches, will remain available between now and 30 May, the lender said.
The lender said brokers would need to submit decision in principles (DIP) before midday today to convert to a full application by 5pm on 31 May.
It added that submitted applications must be offered by 5pm on 9 June and told brokers to keep in close contact with their business development manager and underwriter to achieve this.
TML and LendInvest are the latest lenders to temporarily pull products with Fleet Mortgages and Lendco temporarily removing products yesterday due to capital market volatility.
Nationwide and Platform have also repriced certain deals.
Swap rates, which are what mortgage lenders use to price fixed rate mortgages, have increased over the past few days as inflation did not fall as much as expected.
According to Chatham Financial, the two-year swap rate as of 10:15 am this morning stood at 5.15 per cent, up from 4.95 per cent on 24 May and 4.4 per cent on 25 April.
Five-year swap rates came to 4.6 per cent, which is up from 4.4 per cent on 24 May and 3.9 per cent on 25 April.
LendInvest confirmed it was relaunching its range on Tuesday.
