Accord mortgage rates withdrawn for the second time.
There are signs that small lenders are struggling to cope with low mortgage rates demands.
A decision has been taken by Accord Mortgages to withdraw its lower mortgage rates for a 2nd time in the space of four weeks. This decision has led to speculation that smaller sized lenders are finding it a challenge to keep up with demand.
Accord have taken the decision to withdraw its complete range of residential products this March, advising that the move is to allow them to maintain service levels after receiving a very high volume of mortgage applications.
In February Accord withdrew its 75 and 85 per cent LTV deals temporarily before relaunching them a while later at higher rates.
Smaller building societies started the year well by introducing some competitive mortgage rates. But as large high street lenders scale back their lending, this creates higher than anticipated demand for smaller building society products. Smaller mortgage lenders are then finding that they lack sufficient funding to manage such increased low rate mortgage demands.
Due to an increase in mortgage applications and approval, some smaller building societies may achieve their mortgage targets early than expected in 2012, and therefore some may not be in a position to offer low mortgage rates towards the second half of the year.
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