Aldermore, Foundation and The Mortgage Works are making changes to their product ranges this week, with several increasing rates and withdrawing some products completely.
The organization will withdraw the majority of products across its buy-to-let range at 5.30pm on Thursday 17 September, with higher-priced replacement products released the following day.
Two products will be withdrawn without replacement:
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F2 MUFB for five years fixed at 6.34%, with fees of £4,995.
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F2 Holiday Let for five years fixed at 6.44%, with fees of £4,995.
Brokers with Decisions in Principle (DIP) on the affected products must convert them into a Full Mortgage Application (FMA) and submit it before 5.30pm on Thursday 17 September.
Any DIP not converted and submitted by the deadline will no longer be valid.
The institution also said that the application and assessment fees must be paid within three working days of submitting the FMA. Applications where fees remain unpaid by 5.30pm on the third working day after submission will also become invalid.
Mortgage Works is also making specific rate increases and reductions across its new business and conversion ranges from Thursday 17 September.
New business fixed interest rates will start at 3.49%, while tracker rates will start at 3.99%. The lender said all trackers will include the option to switch to repair.
Brokers have been advised to review their lender’s latest Business Product Guides and New Adapters for full details of the changes.
Aldermore is withdrawing and repricing prices across its residential and buy-to-let ranges at 5pm on Wednesday 16 September.
The lender urged brokers to submit DIPs before the deadline, saying current rates can be locked in for 30 days once a DIP is submitted.
Aldermore confirmed that DIPs remain valid for 30 days and will insure the product even if it is later recalled.
The lender also reminded brokers that cases generally should not be converted into a full application until they are completely filled out. Once the DIP is converted into a full application, brokers will have 10 days to submit the required supporting documents.
CHL Mortgages and Moda Mortgages are set to divest their existing mortgage product ranges on 16 September.
