It will launch new mortgage products next week
Aldermore has announced that it is withdrawing all its residential owner-occupied and buy-to-let fixed rate products from the market at 6pm on Monday, June 26.
Decision in principles submitted before the said deadline will be honoured.
The lender said it would replace the withdrawn products and launch a new mortgage range on Tuesday, June 27, with repriced residential owner-occupied, buy-to-let, and product switch rates.
It will also introduce a new limited edition buy-to-let multi-property product, which will allow brokers and borrowers to place two to 30 properties in one application.
Mortgage lenders have been withdrawing and repricing products since last month due to increased swap rates, following persistently high inflation figures. The Bank of England hiked its base rate for the 13th consecutive time on Thursday, pushing some lenders to raise interest rates again while others withdrew their products altogether.
“Following a base rate hike, lenders might choose to offer less to mortgage applicants,” commented Will Rice, chief executive at residential mortgage lender Generation Home. “Aspiring buyers who could afford their dream home on Wednesday may not be able to on Thursday.”
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