In a note to brokers, the lender said that it was “committed to giving you as much notice as possible when we need to reprice our products”.
Earlier last week MPowered Mortgages pledged its support for a minimum 24-hour product withdrawal pledge.
It continued: “We’re really sorry about the short notice for these changes, and that it falls outside our 24-hour notice goal. We understand the impact this has on you and your clients.”
The company said that an agreement in principle would need to be submitted a full mortgage application before midnight tonight and applications submitted after this date will use new products.
Stuart Cheetham, CEO of MPowered Mortgages, said: “We always endeavour to give as much notice as possible for withdrawal, to support brokers in securing the best rate possible for their clients. In a market where rates are increasing at pace in-line with the base rate rises and swap market volatility, offering as much notice as possible has never been so important. This is hugely important and something we support fundamentally as a firm.”
Fleet Mortgages to increase fixed rates
Fleet Mortgages has said that due to current market volatility it was repricing its fixed rate products.
It said that full mortgage applications must be fully completed with all fees paid by 5pm today with the case showing as “valuation instructed” to secure the rate applied for.
Fleet Mortgages added that products would relaunched from 9am tomorrow.
The lender’s tracker products remain unchanged.
Steve Cox, chief commercial officer at Fleet Mortgages, said: “We’ve effectively seen a similar situation in recent days to what happened at the tail-end of May, this time with wage inflation figures contributing to a sharp increase in swap rates. As a result of this continued volatility, we do need to act and our existing fixed-rate range is being removed at 5pm today with our tracker products remaining unchanged.
“However, tomorrow morning we will relaunch five-year fixed-rate products at 75 per cent loan to value (LTV and will back-fill the rest of our range as soon as possible. Again, this is not something we wish to do but we are subject to market conditions and have to act accordingly.”
