In response to the current volatile market conditions, Mpowered Mortgages, a popular mortgage lender, has announced it will be withdrawing its existing residential fixed-rate products effective midnight on Wednesday, 14th June.
New rates will be introduced starting Thursday, 15th June, the company said in a note to brokers.
The lender expressed regret about the short notice for these changes, acknowledging it falls outside its 24-hour notification aim.
“We’re really sorry about the short notice for these changes, and that it falls outside our 24-hour notice goal. We understand the impact this has on you and your clients,” read the note.
Mpowered Mortgages has advised that any Agreement in Principle (AIP) currently in progress will need to be completed and submitted as a full mortgage application before the midnight deadline on Wednesday, 14th June.
The lender’s decision reflects wider efforts across the market to adapt to ongoing market fluctuations, a step other lenders are likely to take over the coming days.
