Cheltenham & Gloucester withdraws entire mortgage range

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by Kay Murchie

One of Britain’s biggest mortgage lenders, Cheltenham & Gloucester (C&G), has withdrawn its entire mortgage range.

C&G gave little notice and announced yesterday from close of business today, Monday May 19, we will be withdrawing and replacing our entire range of mortgage products.

C&G warned that when it does re-introduce its mortgage range, new deals will be more expensive.

Like many of its rivals, C&G has reduced its offerings and last week, withdrew a 5.89% buy-to-let mortgage and replaced it with a 6.29% 5-year fixed rate.

A recent report by Moneyfacts revealed that there are now 3,847 mortgage products available (including residential, sub-prime and buy to let), compared to 4,054 a month ago and 15,599 in July 2007.

Yesterday, however, internet bank first direct announced it will resume selling mortgages again to new customers and said it could now handle new applications.

On April 1, the bank withdrew all its mortgage products as it tried to clear a backlog of customer applications.