Beverley Building Society’s head of new lending, Simon Glass, says: “I am thrilled to announce our official launch into buy-to-let lending. I am confident that our expertise and innovative solutions will empower aspiring property investors to achieve their financial goals. This strategic expansion marks a significant milestone in our mission to provide accessible and tailored mortgage products to a broader range of customers.”
It says will it no longer accept new buy-to-let applications from August 11th.
Existing applicants from BTL investors will be processed as normal but in future the lender will focus on residential mortgages for more complex applicants such as the self-employed and those with complex credit histories and income streams.
Bluestone says it’s seen an average 90 per cent monthly increase in new business residential home loans in recent months, fuelled by the volatile mortgage market.
Sales and 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.”
Jeni Browne from Mortgage for Business commented “It’s great to see a new lender enter the Buy to Let space and shows positive signs of confidence in the market. The sector needs some healthy competition between lenders, as that should allow landlords to access better deals, and we should see the market introduce innovative deals to encourage new business. We look forward to seeing how Beverley Building Society can support our clients’ property finance needs.”