Aldermore ceases bridging lending

Commercial Reporter says that the Bank has instead decided to focus on its "core mortgage proposition".

Aldermore confirmed that the changes will apply nationwide, and that it will honour all pipeline cases until the deadline.

In April, Aldermore expanded its product range to include bridging and property development sectors in Scotland, describing bridging as a “vital segment of the housing market”.

In a statement, Aldermore said: As of the 1st September we will no longer accept bridging applications but continue to focus on our core mortgage proposition in, residential mortgages, buy-to-let, commercial mortgages and property development. We will honour all existing applications up to and including 31st August 2016."

Aldermore's underlying profit before tax rose by 45% in H1 to £63m.

In its interim results, Phillip Monks, CEO, commented: “Following the EU Referendum, we all face a period of heightened political and economic uncertainty. As a purely UK-focused business, we are not directly exposed to potential changes in access to European markets. However, we are exposed to the wider economic effects of the result. To date, we have seen no direct impact on our business but we continue to monitor the situation closely and have a proven ability to react quickly to a changing environment."