HSBC is removing its new business BTL products from 5pm today (Thursday 8th June).
The bank said if it needs to remove its product range before the end of the day, it will send another notification to inform people.
Once removed there will be no products available until Monday 12th June, where it will also be making a number of changes to its BTL mortgage product ranges.
Riz Malik, founder and director at R3 Mortgages, said: “[This] announcement underscored the turbulent times we're currently facing in the mortgage market.
“This is exactly why we're advocating for brokers to endorse the 24-hour pledge and we sincerely hope other lenders will heed our calls and initiate a dialogue with the broker community.”
Gary Boakes, director at Verve Financial, added: “This was always coming but once again the notice period of four hours and 15 minutes is shocking.
“I had a case ready and an hour between appointments to submit smoothly, but with the website struggling to cope with traffic, customers will be made to suffer with increased mortgage payments.”
