Alliance & Leicester says it will withdraw all two-year tracker mortgages from its range by the end of today.
The bank says it has notified intermediary partners of its decision and will announce new tracker deals in the near future.
The firm decided to withdraw the products after high levels of demand from customers looking to take advantage of expected rate cuts by the Bank of England.
“Over the past few days we have seen a high demand for all of our two year tracker products,” says Richard Taylor, head of mortgage products.
“We have, therefore, taken the decision to remove the tracker products from the range in the short term in order to manage the volume of business we are receiving at present.”
Other lenders have recently raised the cost of their tracker mortgages by 0.5% for new customers, effectively wiping out the central bank’s recent base rate cut.
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