Aldermore will pull all of its residential and buy-to-let mortgage fixed-rate products on Monday 26 June “due to wider market conditions”.
The move comes after the Bank of England raised the base rate by 50 basis points to 5% yesterday, its 13th rate rise in a row taking it to the highest level in 15 years.
The specialist lender points out it will honour any ongoing decision in principles submitted before 6pm on Monday.
It says it will launch a new mortgage range on Tuesday 27 June, and plans to introduce new BTL, residential and product switch rates.
The business adds it will launch a new limited edition landlord offer for multiple properties on one application, which will allow borrowers to place up to 30 properties on one application.
An Aldermore spokesperson says: “Due to wider market conditions, and in line with other lenders, we’ve repriced rates on our range of mortgages. We’re confident that our mortgages continue to offer fair value to borrowers.”
In late May, Aldermore was among a raft of lenders to withdraw 400 home loans and around 300 buy-to-let deals as swap rates rose, and firms reacted to the prospect of further Bank of England base rate rises after disappointing inflation numbers.
