Foundation is set to pull all of its buy-to-let (BTL) mortgages with new rates set to be confirmed on Friday (30th September).
The lender, which will withdraw the products at 17:30 tomorrow (29th September), also confirmed that its 2-year fixed rate buy-to-let mortgages would not be replaced.
In a statement on its website the lender said: “On Thursday 29th September 2022 at 17:30 we will be withdrawing all BTL rates and replacing them with new rates on Friday 30th September.
“The BTL 2-year fixed rates are being withdrawn and not replaced. Any DIPs on the current products will need to be submitted by 17.30 on Thursday 29th September, which will secure the product until 17.30pm on Tuesday 4th October 2022.
“The DIP must be converted to a full FMA and submitted before 17:30 on Tuesday 4th October.
“DIPs relating to these current products which have not been converted to FMA and submitted by 17:30 on Tuesday 4th October will no longer be valid.”
Foundation is asking brokers to convert existing DIPs to a full mortgage application as soon as possible.
It has also advised that its broker portal will be down from 17:30 on Thursday 29th September in order to process this change, it will be available again from Friday morning.
