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The lender said giving intermediaries limited warning enabled it to manage business volumes and therefore maintain service levels.

Last Monday (19 May) at 4.48pm Cheltenham & Gloucester announced to advisers by email that it was withdrawing its products at 5pm that day.

Although the product range was pulled at the close of business intermediaries were able to submit business through its online application system Caseflow up until midnight.

Eleanor Ross, media relations manager for Cheltenham & Gloucester, said: "Not giving notice to intermediaries is something we really hate do do, but on occasions like this when demand is so high it is necessary simply because the main reason why we are increasing prices is to keep us in line with our competitors and to maintain service."

Ms Ross said under current market conditions there was no guarantee the lender would not be able to give more notice of any future changes.

She said: "We do each price change on its own merits so I cannot say what will happen in the future."