Fleet Mortgages has withdrawn its entire product range with immediate effect until another funding line is made available.
The buy-to-let lender blamed a shortage of funding on doing more business than expected after revamping its product range in December – when it launched new mortgages and introduced a tier offering 65% LTV lending on loans between £2m and 4m.
In a broker note seen by Mortgage Introducer, Fleet said: “We are writing to inform you that Fleet Mortgages are withdrawing their entire product range on Tuesday 08/01/2019 with immediate effect.
“We have recently completed £400m of mortgage loans with one of the world’s largest asset managers.
“Due to the launch of our new products in December this tranche of funding was filled much quicker than we initially anticipated.
“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.”
More to follow…