Vida Homeloans yesterday afternoon withdrew its entire product range to review prices, with around two hours’ notice to agents, while Foundation withdrew all its home products and some buy-to-let deals.
In an email to brokers at around 3pm, Vida said: “Due to exceptional and rapidly changing market conditions, we will be withdrawing our entire new range of commercial mortgage products today, Tuesday 17 March, at 5pm.
“We will then relaunch a new range of fixed rate products the following morning, Wednesday 18 March.”
Vida added: “We always aim to provide advance notice; however, due to the circumstances this is not possible on this occasion and we apologize for any inconvenience this may cause.”
It came amid product withdrawals and rate hikes from many other lenders.
The Foundation wrote to estate agents yesterday morning saying it would withdraw all residential rates and some buy-to-let deals at 5.30pm that day to review prices, with new rates launched this morning.
Furness Building Society also sent an email to agents at around 3pm giving two hours’ notice of the inclusion of selected residential products.
These include a number of fixed rates for purchase and remortgage from 85% to 95% LTV.
Barclays, The Mortgage Works, UTB, Saffron, Pepper Money and Leeds Building Society were among other lenders to announce rate hikes.
Nottingham Building Society will increase interest rates by up to 35 basis points on Friday, while Kensington will withdraw several products this afternoon.
The changes come amid frenzied repricing by lenders this week, in some cases with just a few hours’ notice of widespread product withdrawals.
But Nottingham warned advisers for two working days of the changes it was making.
The lender told brokers this morning that it will increase selected residential retention rates at 9am on Friday, as well as new customer deals for foreigners and returning expats.
These rates will increase by 20-35 basis points, and certain products will be withdrawn.
Kensington Mortgages also emailed advisers this morning to warn that four prime buy-to-let deals would be withdrawn at 5pm today.
These are the five-year fixed LTV of 75%, which has three different rate variations and starts from 4.49%.
A two-year fixed LTV of 75% without a 5.34% fee will also be withdrawn in the buy-to-let prime range.
Barclays announced yesterday that 62 products in its residential range will rise by 15 basis points on Friday.
UTB revealed it is increasing rates by up to 20 basis points and reducing maximum LTV from 95% to 90%.
Meanwhile, the Foundation launched deals for start-up landlords, but also unveiled price increases of up to 25 basis points for other products.