Stroud & Swindon temporarily pulls higher LTV products
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ITL Mortgages has today announced that it will temporarily suspend new lending on its higher loan-to-value products of up to 85 per cent due to high demand.
The lender says the reason for pulling the products is because it had hit its target for lending in that range, which is believed to be worth about £60m of lending.
The decision was made yesterday and the suspension of the product range will take effect from close of business today.
Stroud & Swindon sales and marketing director Linda Will says that while the high level of demand was a good thing, it was necessary to pull the product range at short notice not to exceed business levels.
She says: “In some respects it is a good thing, because it shows the success of the set as it was lent quicker than anticipated. We’ll potentially come back into that market later but, at this point in time, we’ll be concentrating on business at the lower end of LTV. We’ve saturated our appetite for the range up to 85 per cent LTV.
“I would have liked to have given more notice but, frankly, they have been so popular, if we gave more than 24 hours notice the funds will be such that it will take us over the amount of business we want to take.”
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