Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

CHL Mortgages and Moda Mortgages to withdraw products ahead of rate increases

CHL Mortgages and Moda Mortgages will withdraw their current mortgage product ranges at 5pm on 16 September. Both lenders have confirmed that the replacement ranges, launching at 9am on 17 September, will come with higher rates.

CHL to withdraw buy-to-let range, including product transfers

CHL Mortgages will withdraw its current buy-to-let range, including product transfers, at 5pm on 16 September. A new range, featuring increased rates, will launch at 9am the following morning.

Intermediaries looking to secure a product from the existing CHL range must submit their applications by the 5pm deadline on 16 September. The lender has also reminded brokers that paying the product fee alone will not secure the rate: once fees have been paid, cases must be fully submitted and moved beyond the pre-submission stage.

Moda to pull core range on the same timetable

Moda Mortgages is also withdrawing its core product range at 5pm on 16 September, with a new range carrying increased rates set to launch at 9am on 17 September.

As with CHL, brokers seeking to secure a product from Moda's current range must ensure their application has been submitted by the 5pm deadline. Moda has likewise stressed that, after paying fees, brokers must fully submit their cases beyond the pre-submission stage to secure the applicable rate.

Key deadlines

• 5pm, 16 September: withdrawal of the CHL buy-to-let range (including product transfers) and the Moda core range
• 5pm, 16 September: deadline for submitting applications on products from the existing ranges
• 9am, 17 September: launch of the new CHL and Moda ranges, with increased rates

Why this matters for the lettings sector

The withdrawals give brokers a limited window to secure the lenders' existing products. The CHL range being withdrawn is buy-to-let, including product transfers for existing borrowers, so the changes affect the part of the mortgage market tied to landlord finance, directly relevant to letting agents and inventory clerks working with rented properties. From 9am on 17 September, the lenders' new ranges will carry higher rates than the products they replace.