Bluestone Mortgage exits BTL market to focus on residential only

Bluestone said that it had notified its network of broker partners to withdraw from the buy-to-let market and it would close for new buy-to-let applications from 11 August.

It added that those already received will continue to be processed as normal.

The lender said that owner-occupied residential mortgage volumes had almost doubled since it was acquired by Shawbrook Bank earlier this year.

This firm said that it had seen an average of 90 per cent monthly increase in new business supporting owner occupied customers who did not fit the traditional lending criteria.

Bluestone Mortgages said that the specialist mortgage market was expected to grow substantially over the long term, and “powered by Shawbrook’s capital base and significant presence in the deposits market” it was “well placed to meet this growing demand”.

Reece Beddall (pictured), sales and marketing director, 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.”