C&G cuts mortgage range
Cheltenham & Gloucester is to withdraw and redesign its entire mortgage offering.
In a brief statement yesterday lender said: "From close of business today, Monday May 19th, we will be withdrawing and replacing our entire range of mortgage products."
The company, which is financed by Lloyds TSB in the mortgage market, also warned prices are likely to rise when lending resumes this morning.
"Most rates will increase by 0.25 per cent following last week's rise in the cost of funds."
The news comes as analysts had begun to question whether the worst of the credit crunch was passed.
First Direct yesterday announced its return to the market following a hiatus since April 1st.
Similarly Halifax also cut the interest rates on some of its mortgage deals earlier this week.
From Wednesday May 21st the lender will reduce some offers by 0.15 per cent - but only for existing borrowers seeking to re-mortgage.
This follows modest cuts from Nationwide and Abbey last week.
Chris O'Toole
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