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UX Mortgages latest lender to postpone new product range

UX Mortgages has become the latest lender to announce that it has postponed the launch of its new product range due to continued turbulence in the global financial markets.

This comes after Investec-backed Infinity Mortgages said that it would be postponing its new range which was due to be launched this week after it withdrew its sub-prime products two weeks ago.

UX Mortgages is a buy to let specialist lender and funded by Infinity.

In a statement, UX Mortgages says that these events were all outside of its control. The lender says there has been a widening cost of debt in the capital markets and that it shows no sign of abating in the short term.

The lender says that offer products has been suspended and that it is unable to commit with certainty that it will be able to fund applications not offered.

UX Mortgages says that funding has been secured for all offered cases.

The statement, identical to Infinity’s earlier message, says that it has also secured products with other providers in order to minimize the impact to its clients.

The lender says: “Please accept our apologies for the situation. These events are entirely outside our control, however we believe this to be an entirely temporary situation. We expect to release a new product range in the near future when global conditions stabilise.”

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