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TSB and Barclays withdraw more mortgage products

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Written by: Owain Thomas
25/03/2020
Hundreds of mortgage products are being pulled from across the market as the coronavirus crisis deepens
TSB and Barclays withdraw more mortgage products

TSB and Barclays have withdrawn large numbers of products from their mortgage ranges.

Barclays has been forced to remove the majority of its mortgage product range as a further move to mitigate the effects of the Covid-19 pandemic.

It is now only accepting applications for products of up to 60 per cent loan to value (LTV).

The lender was forced to close two of its international underwriting sites over the weekend, leading it to temporarily withdraw its entire portfolio buy-to-let (BTL) range and limit application volumes.

It apologised for the inconvenience and asked for understanding in the unprecedented situation.

A Barclays spokesman said: “Regrettably it has been necessary to withdraw a further selection of products across our residential and buy to let ranges.

“This action has been taken to support us in managing the flow of applications into our UK underwriting teams following the closure of our key offshore sites.

“At the same time it enables our colleagues to provide greater help to those customers requesting mortgage payment holiday arrangements for financial support.

“We expect to launch a fresh range of residential and buy to let products shortly and we apologise for any inconvenience this causes in the interim.”

He added: “We currently have a number of purchase products available for customers with low LTV’s 60% or less in addition to Family Springboard Mortgage and our Wealth and International Mortgage range.”

TSB

TSB has also pulled a substantial number of residential and buy-to-let mortgages.

The lender has removed all buy to let fee products including trackers, leaving it with 16 BTL products for purchase and remortgage up to a maximum 75 per cent LTV.

On the residential side it has withdrawn all three-year fixed products, and also two- and five-year remortgage deals at up to 75 per cent LTV with a £1,495 fee.

However, TSB has cut some product transfer rates for residential and buy-to-let deals by up to 0.3 per cent.

A TSB spokesperson said: “We continuously review our products to ensure we help more people borrow well.

“Given these unprecedented times, we want to support our customers as best we can, that means making changes to our existing range so we’re best placed to support our customers who are in need of extra financial support, particularly those requesting mortgage payment holidays.”

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