Bluestone Mortgages is quitting the buy to let sector and says it will focus entirely on the owner-occupied mortgage market.
It has notified its network of broker partners of its decision, closing to new BTL applications from this coming Friday. Those applications already received will continue to be processed as normal.
The lender has reported that its owner-occupied residential mortgage volumes have almost doubled since its acquisition by Shawbrook in the spring.
Bluestone says it’s seen on average 90 per cent monthly increase in new business, supporting owner occupied customers who don’t fit the traditional lending criteria, such as those with complex and adverse credit, self-employed applicants and contractors.
Reece Beddall, sales and marketing director at Bluestone Mortgages, says: “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 … 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.”
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