C&G pulls mortgage range with little notice

  • Story by: David Pawsey
  • Magazine: MortgageAdviser
  • Published Monday , May 19, 2008

Cheltenham & Gloucester (C&G) has pulled its entire mortgage range, giving advisers limited notice to submit business.

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Some intermediaries were given less than 15 minutes warning of the range withdrawal.

In a statement to advisers the lender said: "From close of business today, Monday 19 May, we will be withdrawing and replacing our entire range of mortgage products.

"Most rates will increase by 0.25 per cent, following last week's rise in the cost of funds."

C&G said products would be removed from sale at 5pm today (Monday 19 May) although applications would still be possible until midnight via C&G Caseflow.

The announcement follow the news that Halifax is to lower the rates on its mortgage range from Wednesday (21 May). (See full story.)

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