Skipton Building Society has replaced its seven-year fixed rate mortgage product just two weeks after it became available due to "overwhelming demand."
The mutual launched the 75% LTV deal two weeks ago, but is replacing the product today after it sold out its initial tranche.
Kris Brewster, Skipton's head of products, said: "We launched our new longer term fixed rate mortgages because we identified that there was a need in the marketplace, among customers looking for longer-term payment certainty.
"And unusually low swap rates have enabled us to fulfil this need with some very competitively priced products.
"Unfortunately, we've been overwhelmed with demand for the seven-year fix to 75% LTV and - having explained from the outset that this was a limited edition offer - have had no choice but to withdraw it."
The lender is replacing the deal with a similar seven-year 75% LTV product, at a rate of 4.29%. An application fee of £195 and completion fee of £800 applies. Overpayments of up to 10% per annum are allowed without penalty and free legals and valuations for re-mortgages.
Brewster added: "We're pleased to be returning to this space immediately with another, attractively priced product, which we hope will cushion the blow."
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