A spokesman for GE Money Home Lending, says: “I can categorically confirm that we have no intention of withdrawing from the market.
“Yesterdays rate change was all about our reaction to the turmoil in the market. From our point of view, we have a very powerful franchise which we are keen to protect long-term, we see ourselves as a long-term player in the specialist market in the UK.
“Being a long-term player in the market doesn’t always mean you have to have your foot heavily on the accelerator in terms of volume. We want to be around long-term we are investing heavily in our technology so we are ready to hit the ground running when the market comes back.”