Fleet Mortgages has withdrawn its entire product range with immediate effect, as the lender is waiting for its next funding line to be made available.
In an email sent to brokers this morning (January 8), Fleet advised any decisions in principle and applications received today will be declined.
The buy-to-let lender informed brokers it had recently completed £400m of mortgage loans with "one of the world’s largest" asset managers.
But this portion of funding had been used much quicker than initially anticipated following the launch of new products in December.
The lender had launched a range of two, three and five-year products and introduced a higher tier offering of 65 per cent loan-to-values on loans between £2m and £4m.
The email read: "We have therefore had to pull the current product range while we wait for the next funding line to be made available.
"We will keep you fully informed as to when the new product range will be launched."
A Fleet spokesperson said the lender anticipates the new funding line to be confirmed, and new product range launched, before the end of January.
Fleet advised brokers to contact their business development manager with any questions.
Jane King, mortgage and equity release adviser at Ash-Ridge Private Finance, said up until a few days ago she had received daily emails from Fleet Mortgages praising reasons for using their products.
She said: "I was therefore quite surprised to read they have now pulled their entire range.
"Currently I do not have any clients impacted by this, however they were a useful lender to have as their lending criteria is very good and they are happy to look at specialist cases.
"I hope they return soon with a new line of funding."
The news comes a day after Secure Trust Bank said it was considering to cease new mortgage lending.
The bank is currently consulting with its staff and further information will be made available at the end of February.
rachel.addison@ft.com
