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The lender said this was in line with recent market developments.

In a statement to advisers Halifax said: "Standard variable rate HVR001 is a generic facility largely intended for existing customers. Unlike a number of other lenders we continue to be active, as always, in the mortgage market.

"As a result, we are now seeing a significant increase in the number of new customers opting to take an SVR mortgage with us. As a result, we have no option, but to end our practice of offering SVR to new customers.

"We have a large product range available for new mortgage applications, covering all key segments in the mainstream market and remain committed to providing this to the broker channel. As such, new business applications should not be placed on standard variable rates.

"HVR001 remains available for customers to revert to at the end of their existing product term and for existing customers seeking additional lending."