An industry source told Mortgage Introducer they had discovered that the 100 per cent loan-to-value (LTV) mortgage deal that RBS withdrew from the intermediary market on 26 February would remain available direct to customers in branches until 7 March.
The source learned of the issue from an RBS employee after they received an e-mail on 26 February from RBS withdrawing the deal and giving brokers until midnight to submit applications.
The source said: “It feels like RBS is cutting brokers out. Its 100 per cent rates were one of the best in the market, but we’re noticing more lenders pulling products with no notice.
"It’s fair enough with what’s going on in the financial markets, but we found out through a third party that branches have access to rates we don’t have access to.
"So many business development managers call saying they want to do business, but lenders are not playing the game fairly.”
An RBS retail brands spokesperson pointed out that branch and broker were separate channels, and said: “We regularly review our range against the market and in light of recent competitor moves, we are withdrawing our mortgages with a LTV greater than 95 per cent. As always, we will continue to monitor the market going forward.”
An RBS intermediary spokesperson issued a similar comment.
