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Halifax and Keystone become latest lenders to pull product

Halifax became the latest lender to increase fees and withdraw products from Oct. 14, while lowering some transactions.

Keystone Property Finance will also be raising products this evening.

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In a memo to brokers, Halifax said it would introduce tracker products with no early repayment fees for mortgage, mortgage and first-time buyer products.

However, tracker products that charge early repayment fees within this range are also scheduled to be withdrawn.

The leading lender added that interest rates on some products will be reduced for product transfers and further advance products.

Meanwhile, Keystone announced that it will withdraw its current five-year fixed-rate contracts for all Product Transfer, Product Transfer Plus, and Switch & Fix products today at 5:59 p.m.

“New increased interest rates will be available soon,” the company said in a note to brokers.

These moves come after Santander, Coventry for Intermediaries, Co-operative Bank for Intermediaries, Moro and Livemore announced this week that they would either withdraw products or raise interest rates.

The move comes amid uncertainty as to whether the Bank of England will cut interest rates twice this year, as the turmoil in the Middle East could push up oil prices and push up inflation.

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