Salt withdraws all residential products

Salt has withdrawn all residential products as a result of unprecedented business volumes over the last 24 hours.

A statement from Salt, a subsidiary of Derbyshire, says: “Current market conditions have resulted in a number of lenders withdrawing products. This has resulted in an increased appetite for our products and a corresponding record number of applications.

“We pride ourselves on our service and such high volumes have inevitably impacted our ability to maintain service levels and deal with current pipeline.”

Yesterday the lender announced it will be launching a range
of residential and buy-to-let products on April 7.

It says this will go ahead and that more information will be available shortly.

Any applications that have not been given a decision in
principle on receipt of this e-mail will not be accepted and brokers have until 6pm today to submit applications.