As one of the first, and few, lenders to re-enter the 10% deposit market the Society has experienced unprecedented demand for our products. We are therefore temporarily withdrawing our 90% LTV 2- and 5-year fixed rate deals, effective close of business today (5pm). We will review our position and actively seek to re-enter the market as quickly as possible.
In order to help first time buyers and those with smaller deposits our 90% LTV discount product will remain available, offering a current pay rate of 2.45% for 2 years for both purchase and remortgage cases.
Any intermediaries with outstanding DIPs are asked to submit fully packaged applications for withdrawn products by the end of next week (5pm on 19 June 2020).
During the past few weeks we have been receiving an enormous volume of enquiries and, with many of our staff still operating remotely, our capacity to handle these calls and process applications is somewhat reduced. We hope our intermediary partners understand the necessity for us to briefly stem this flow in order to maintain good service levels.