AA pull products and withdraws from mortgage market
The AA has withdrawn from the mortgage market and stopped providing new mortgages.
The lender regularly provided competitively priced rates, but they were all withdrawn on Wednesday 27 February.
Borrowers visiting the lender's website hoping to arrange a mortgage were confronted with a message explaining that AA Mortgages is not currently offering mortgages and customer calling got the message.
If you have already received an Agreement in Principle from AA Mortgages, the lender is giving you 30 days to complete your application from the date you received it.
According to Which? Magazine the lender said that the highly competitive mortgage market was the reason for its withdrawal.
Aaron Strutt, product director at Trinity Financial, says: "There is a huge amount of competition in the mortgage market and some of the lenders are struggling to make the margins they need to make a large enough profit.
"Many of the banks and building societies are still offering fantastically cheap fixed and tracker rates and they actively looking to undercut their rivals."
The AA was a relatively new mortgage lender only launching its Bank of Ireland-backed products in August 2016. At the time The AA said it was committed to being the "pre-eminent membership organisation in the UK" and was hoping to target its members with special deals to boost lending figures.
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