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C&G withdraws SVR for new customers

Cheltenham & Gloucester has become the latest lender to withdraw its standard variable rate mortgage products from sale for new lending as of 10 May.

This comes after Halifax also said it would no longer be offering its SVR for new customers.

C&G says that existing customers will continue to revert onto SVMR.

In an email to brokers, it says: “Due to recent competitor movements we have seen a higher volume of applications for our SVMR products, which are primarily designed for existing customers. We are withdrawing these products as part of our on-going focus on the service levels we provide to you.”


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