First Direct withdraws mortgages
Written: 2nd April, 2008
First Direct has temporarily stopped offering any of its mortgages to people who are not already its customers.
The bank, which is part of HSBC, said the withdrawal was to allow it to cope with the unprecedented demand for its range of mortgages.
Many providers have withdrawn mortgages or raised interest rates this year, leaving some smaller banks and building societies unable to cope with demand.
First Direct says applications have been five times its usual levels.