Barclays and TSB pull mortgage products from UK market

Barclays and TSB pulled a range of mortgage products on Wednesday after they were overwhelmed by demand from consumers racing to find deals in a rapidly shrinking market for home loans. TSB said it was pulling a range of mortgage products with immediate effect, including one aimed at first-time buyers and buy-to-let loans, according to a note sent to brokers. The total number of mortgage products available has dropped from 3,961 on Friday to 2,661 on Wednesday. Lenders' decisions to pull deals are driven by the cost of accepting applicants for mortgages that are no longer profitable following movements in swap rates, and the danger of offering more competitive mortgages at a time when thousands of borrowers are scrambling to secure the lowest rates. Chris Sykes, product director at mortgage broker Private Finance, said he had received about 70 emails from clients on Tuesday morning worried that their mortgage applications would be pulled.

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