The lender only launched the range last Monday, having cut its rates by up to 0.85 per cent, but sent an email to brokers at 1.35pm on Wednesday saying that submissions should be with it by 5pm on Thursday.
It also warned that funds would only be available on a first come, first served basis, meaning that intermediaries who did manage to turn round cases in time were not guaranteed to secure the product.
Hugh Nicholls, partner at Badbury Berkeley Mortgage Services, commented: “This is quite topical so I couldn’t believe it when it came through.
"They seem to be using it like a selling point, which surely isn’t Treating Customers Fairly (TCF). I just don’t believe mortgages should be sold in a ‘get them while you can’ way. TCF is aimed at brokers but we need it from lenders.”
Responding, a spokesperson from Preferred said: “Due to the unprecedented demand, we can confirm that the current product range is being withdrawn from close of business on Thursday. The new range will be available from 1 February.
“When the current range was launched, it was always our intention that it would only be available for a limited period.
"We have had to initiate this change sooner than anticipated. We are still giving a 30 calendar day deadline for brokers to get their fully packaged applications to us.”
