Bluestone to withdraw from buy-to-let market

Bluestone has announced its withdrawal from the buy-to-let market.

Bluestone says the decision will allow it to focus on the owner-occupied market.

The lender will be closed to new buy-to-let applications from 11th August, those already received will continue to be processed as normal.

Bluestone says its owner-occupied residential mortgage volumes have almost doubled since its acquisition by Shawbrook earlier this year.

The lender has reported an average 90% monthly increase in new residential business, supporting customers who don’t fit the traditional lending criteria, including those with complex and adverse credit, as well as the self-employed and contractors.

Reece Beddall, sales and marketing director at Bluestone Mortgages, commented: “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.”