Product Withdrawals
31 January 2012
Over the last 2 weeks we have seen a growing and disproportionate increase in
daily case volumes below 75% LTV. Whilst we try to remain competitive we have a
limited resource and a relatively small natural share of the intermediary market
across all the LTV’s. Consequently, we find it necessary to adjust our product
range to ensure the correct balance & flows of business.
Therefore we are withdrawing the following products:
| Description |
Rate |
LTV |
App fee |
Comp Fee |
Available for |
| 2 Year Fixed Rate |
3.28% |
60% |
£195 |
£800 |
Purchase and remortgage business |
| 2 Year Fixed Rate |
3.58% |
60% |
£195 |
£0 |
Purchase and remortgage business |
| 2 Year Fixed Rate |
3.68% |
75% |
£195 |
£0 |
Purchase and remortgage business |
| 3 Year Fixed Rate |
3.99% |
75% |
£195 |
£800 |
Purchase and remortgage business |
| 3 Year Fixed Rate |
5.59% |
75% |
£195 |
£0 |
Purchase and remortgage business |
| 5 Year Fixed Rate |
5.79% |
75% |
£195 |
£800 |
Purchase and remortgage business |
| 2 Year Base Rate Tracker |
3.69% |
60% |
£195 |
£800 |
Purchase and remortgage business |
All of these products will be withdrawn with immediate effect. Replacement 3 and 5 year deals will be available towards the end of this week, but there are no immediate plans to replace the withdrawn 2 year deals. All other products remain available.
KFI's for the current equivalent products can no longer be obtained from the
intermediary website.
Please be aware that you can continue to submit any suitable e-mortgage applications for these products providing they are received by 1.00pm today. Any required supporting documentation, including the e-declaration signed by the borrower(s) should also be uploaded following submission on our e-mortgage site and should be received by our Mortgage Service Centre by 5pm Tuesday 7 February. For any existing pipeline cases on these products ALL support documentation should again be uploaded & sent to arrive before the Tuesday deadline. Any cases not meeting these requirements will be cancelled. All application fees, will be collected within 48 hours.
Paul Darwin
Head of Intermediary Sales
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