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Melton Mowbray BS pulls entire buy-to-let range

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  • 20/06/2013
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Melton Mowbray BS pulls entire buy-to-let range
Melton Mowbray Building Society has withdrawn its entire range of buy-to-let products from the market with immediate effect.

The lender made the decision following a sharp rise in buy-to-let business in the last few months, prompted by a string of market leading products. The mutual had been offering buy-to-let mortgage products from 2.55%.

Buy-to-let mortgages currently in the pipeline are unaffected by the move.

Christopher Rowley, director of operations at the Melton Mowbray, told Mortgage Solutions that the withdrawal is expected to last a few months as the society rebalances its lending range.

“We’ve had an influx of business and that means we’ve satisfied our risk at the present time,” he said.

“We work on a rolling 12 month percentage of business, we’d had quite a lot of business recently and didn’t want to breach our policy limits.

“We also want to ensure we are able to service these products. But this is not a total withdrawal, just a balancing act.”

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