Bluestone Mortgages will pull out of the buy-to-let market to focus on owner-occupied lending.
The specialist lender says will it no longer accept new buy-to-let applications from 11 August, adding that those already received will be processed as normal.
The move comes after financial services firm Shawbrook Group completed the acquisition of the business in June.
Bluestone, which has a loan book of over £1.3bn residential mortgages, specialises in home loans for self-employed people and those with more complex credit histories or income streams.
The lender points out that, lifted by Shawbrook’s capital base and presence in the deposits market, it has seen an average 90% monthly increase in new business residential home loans from this specialist market.
Bluestone Mortgages sales & marketing director Reece Beddall 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.
“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.”
