Lender wants to focus on specialist residential products
Bluestone Mortgages has announced its withdrawal from the buy-to-let market to focus on the growing owner-occupied residential market.
The lender said it had notified its network of broker partners of its decision to withdraw from the BTL market, with new applications closing from August 11. Those already received will continue to be processed as normal, it clarified.
Bluestone reported a significant increase in demand for owner-occupied residential mortgages, the volume of which has almost doubled at the lender since its acquisition by Shawbrook earlier this year.
The specialist lender has seen, on average, a 90% monthly growth in new business, supporting owner occupied customers who don’t fit the traditional lending criteria, including those with complex and adverse credit, as well as the self-employed and contractors.
With the specialist mortgage market expected to grow substantially over the long term, the lender said it was well placed to meet the increase in demand.
“With the current economic climate contributing to growth in the number of customers who no longer fit the mainstream lending profile, we are experiencing increased levels of demand,” commented Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages.
“This is an exciting time for Bluestone, and we’re fully committed to and focused on doubling-down our efforts to help would-be and existing borrowers who rely on our approach to realise their home ownership goals.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
