Skipton Building Society is to withdraw its new two-year product range, introduced five weeks ago, as demand for the products has led to concerns about service levels.
In a notice to brokers sent at 4pm, the building society says it will withdraw the selection of two-year fixed rates and trackers from close of business today.
From August 18 Skipton will be re-launching new two-year fixed and tracker mortgages. The lender says there will be no change on over half of the pay rates.
A statement from Skipton says: “It is now five weeks since we launched our new 2 year product range to the intermediary market. Your support during this time has been absolutely tremendous and has exceeded expectations, so much so that current daily volumes are starting to impact on our service delivery to you.”
The lender says it has had to adopt the measures to give it “a few valuable days to catch up and process our existing pipeline business.”
Any existing business will be honoured as long as it was placed before the notice was sent out to advisers.
Last week, The Office of Fair Trading announced it had rejected Leon Kaye’s complaint against Skipton over the building society’s decision to remove the ceiling on its standard variable rate.