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Specialist lender Bluestone Mortgages has decided to withdraw from the buy-to-let market – perhaps reflecting how the sector has shrunk.
The lender is instead focusing its efforts on owner-occupiers, where its business is said to have doubled since it was acquired by Shawbrook in March.
It will accept buy-to-let applications until the end of the week, while applications will be processed as normal.
Reece Beddall (pictured), sales and marketing director at Bluestone Mortgages, said: “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 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.”
Bluestone has seen a 90% monthly increase in new business, while it targets customers with complex or adverse credit, as well as the self-employed and contractors.