Bluestone Mortgages will pull out of the buy-to-let market to concentrate on owner-occupied lending.
The specialist lender says will it now not settle for new buy-to-let purposes from 11 August, including that these already acquired shall be processed as regular.
The transfer comes after monetary companies agency Shawbrook Group accomplished the acquisition of the enterprise in June.
Bluestone, which has a mortgage guide of over £1.3bn residential mortgages, specialises in dwelling loans for self-employed folks and people with extra complicated credit score histories or earnings streams.
The lender factors out that, lifted by Shawbrook’s capital base and presence within the deposits market, it has seen a median 90% month-to-month improve in new enterprise residential dwelling loans from this specialist market.
Bluestone Mortgages gross sales & advertising director Reece Beddall says: “With the present financial local weather contributing to development within the variety of prospects who now not match the mainstream lending profile, we’re experiencing elevated ranges of demand.
“That is an thrilling time for Bluestone and we’re totally dedicated to and targeted on doubling down our efforts to assist would-be and current debtors who depend on our strategy to understand their dwelling possession targets.”