UCB Homeloans is to withdraw all of its products from end of play today after experiencing unprecedented demand for its products.
This comes as part of a move by Nationwide to cut all of its loan to values across its specialist lending range down to 75 per cent.
Money Marketing online revealed earlier today that The Mortgage Works had capped LTV at 75 per cent on its self-cert and buy-to-let product ranges and had withdrawn from the 100 per cent LTV market.
Nationwide non-retail executive director Matthew Wyles says it has taken this decision as the market is no longer responding to price adjustments.
“We have to keep business growth under control. It makes sense to focus on lower risk business. We’re a business that exists to make value for our members so this is why we’ve taken this decision.”
Wyles says it decided to withdraw from the 100 per cent LTV market as it had got so small that the market is no longer viable. “The demand hasn’t gone down but it’s got to a point where we have to say this is enough business. Other lenders will do whatever they need to do.”
UCB will be launching its new product range on March 26.