Santander is temporarily withdrawing all its new BTL fixed and tracker rate offerings today (12th June) at 7:30pm.
The bank said it has taken the decision due to current market conditions.
Its product transfer range will still be available, and on Wednesday 14th June it will relaunch a full new business range.
Justin Moy, CEO at EHF Mortgages, said: “Santander is probably the last lender to increase rates in the latest batch of changes, so this was not unexpected.
“It has given us a reasonable amount of notice compared to some lenders, although still not 24 hours.
“Having seen TSB announce some rate reductions this morning, hopefully this is the start of the end of the recent stresses and strains.”
Rob Gill, MD at Altura Mortgage Finance, added: “What started with smaller lenders dramatically pulling out of the market has now spread to much larger lenders with Nationwide, HSBC and most recently Santander announcing short-notice withdrawals.
“While there are some tentative signs that market turmoil is settling, lenders are still working to manage volumes and recover from some very challenging market conditions over recent weeks.”
