TSB has suspended sales on some of their mortgages which came into effect from 4pm on Monday due to the “the current situation” of the mortgage market.
Residential mortgages have been temporarily removed for two, three and five-year fixed house purchase and remortgage products which have a £995 fee.
Two-year fixed house purchase and remortgage products which have a fee of £0 and £1,995 in the buy-to-let market will also be suspended.
As mortgage rates continue to climb due to the Bank of England raising interest rates many lenders have suspended their mortgage products.
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The lenders have placed the mortgage products back on sales in recent weeks but they have increased their rates as it is expected interest rates will remain high for some time.
Data from Moneyfactscompare.co.uk has revealed that TSB’s two year fixed rate mortgage topped 6% today and the bank did inform their brokers of this.
TSB said in a statement, “TSB’s mortgage rates and product range are based on a number of factors including the cost to TSB of borrowing and the current situation within the mortgage market.”
Speaking on website Newspage, Anil Mistry, director and mortgage broker at RNR Mortgage Solutions, told the website, “This announcement by TSB comes as no surprise, and reflects the prevailing circumstances.”