Specialist lender Landbay has temporarily withdrawn its fixed rate mortgage products as lenders pause to reprice.
Following yesterday’s fallout from the Government’s ‘fiscal event’ the Pound hit a record low and the cost of borrowing skyrocketed.
As such lenders have been taking a time to reprice with the likes of Virgin Money, Skipton Building Society and the UK’s largest mortgage lender Halifax all pausing at least some of their mortgage lending.
In an email sent to brokers and seen by The Intermediary Landbay said: “Due to the high volatility in the financial markets, we have had to remove our fixed-rate products.
“We will replace them with revised pricing soon.”
Fellow buy-to-let specialist lender CHL withdrew its mortgage lines this morning following yesterday’s economic events.
