It is now planning to refocus on its prime self-cert, commercial and buy-to-let business, and will continue with the planned launch of a range of prime income verified products on Thursday 13 March.
All pipeline business will be honoured and the final deadline for the submission of applications has been set at 6pm on Wednesday 12 March.
Alistair Welham, Salt’s head of sales and marketing, said: “We’ve built the Salt brand around our people and the development of strong relationships with brokers and distributors.
"We’ve always responded to market changes in a measured and controlled way and will continue to give reasonable notice when changing any of our products or services.
“With a continuing commitment to generating prime and buy-to-let mortgages, our existing relationships with key networks and clubs will be important in driving business through our direct to broker channel."
In a statement, the lender said it would be endeavouring to contact all of its distributors to discuss the implications its decision will have upon their business.
