The Nottingham for Intermediaries has temporarily withdrawn its entire mortgage range as of yesterday (September 22).
The lender’s head of intermediary sales, Nikki Warren-Dean, said the aim was to support brokers and their clients with business already submitted, and to make sure service levels were in line with brokers’ expectations.
According to Ms Warren-Dean, the lender had recently received an “unprecedented” level of applications.
She said: “This short-term measure will allow us to work through all outstanding cases and provide as many positive outcomes as possible.
“We always aim to give our brokers as much notice as we are able to when implementing product range changes, but in this fast-moving climate it hasn’t been possible on this occasion and these changes take place with immediate effect.”
Ms Warren-Dean added that The Nottingham would return to the mortgage marketplace “as soon as possible”.
The market previously saw some lenders temporarily halt mortgage lending after the start of lockdown, due to restrictions on physical property valuations and to protect their business.
In May lenders reintroduced physical valuations and higher loan-to-value lending after the government reopened the housing market in England.
But lenders have recently been coming in and out of the high LTV market after withdrawing products amid high demand.
Accord Mortgages, for example, closed its two-day window on 90 per cent LTV lending yesterday (September 22) in order to maintain service levels.
chloe.cheung@ft.com
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