Bluestone Mortgages has notified its network of broker partners of its withdrawal from the BTL market to focus on residential mortgages.
The lender will be closed to new BTL applications from 11th August, however those already received will continue to be processed as normal.
This is due to owner-occupied residential mortgage volumes almost doubling at the specialist lender since its acquisition by Shawbrook earlier this year.
Bluestone has seen on average a 90% monthly increase 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.
Reece Beddall, sales and marketing director at Bluestone, commented: “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.
“This is an exciting time for us 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.”
