B&W announced this morning that it was withdrawing its current product range with immediate effect and replacing it with products set at higher rates and lower LTVs.
Bank of Ireland Mortgages followed suit announcing its current mortgage range will be withdrawn at 5pm today with a new range available from tomorrow.
BofI is pulling its easy starts, buy-to-let and self-cert products. Along with its standard residential and £million plus range.
B&W pulled its current portfolio, including self cert, buy-to-let and first start deals.
Its self-cert range will see three-year fixes rise from 6.99 per cent and 7.19 per cent with a 75 per cent maximum LTV, plus a 1 per cent arrangement fee, to 7.49 per cent and 7.69 per cent plus a 1.5 per cent arrangement fee.
On its buy-to-let range its former five-year fixed product set at 7.69 per cent with an 85 per cent LTV has been pulled and replaced with a higher rate at 8.19 per cent.
B&Ws lifetime range will no longer offer a fixed for life at 6.69 per cent, but instead it has increased the rate to 7.69 per cent.
Proprietor of The Mortgage Practitioner Danny Lovey says: “They are just going with the market. Terms are tighter, prices are up and LTVs are lower, that’s the way the market is.”