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Santander pulls new business mortgage deals due to ‘market conditions’

Nick Cheek
Written By:
Nick Cheek

After similar announcements last week by HSBC and other lenders, Santander is temporarily removing all its new business residential, buy-to-let let fixed and tracker rates at 7:30pm this evening.

Following in the direction of other major mortgage lenders such as HSBC, Santander announced today that it is withdrawing a number of its new business mortgage products.

According to a broker note, the lender attributed this to “current market conditions” but said that its product transfer range would still be available.

The bank said that it would be relaunching its new business range on Wednesday and that full mortgage applications should be issued by 7:30pm today.

A Santander spokesperson said: “We continually review our products in light of changing market conditions. As we prepare for a relaunch of a full range of mortgage products from Wednesday morning, we will not be accepting new applications via intermediary and online channels temporarily from this evening.

“Our product transfer range remains fully available and customers who have already applied will not be impacted.”

Products pulled and rates rising

On Thursday last week, HSBC temporarily withdrew new business residential and buy-to-let products.

Meanwhile, on the same day, Nationwide announced that it would be increasing rates across select two, three and five-year fixes.

Today, HSBC, Natwest and Clydesdale Bank have all announced that they will be increasing their mortgage rates.