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Buy-to-let news
Mortgages plc withdraws from prime buy-to-let market
19 March, 2008
Mortgages plc has withdrawn from the prime buy-to-let market.
The wholly owned subsidiary of Merrill Lynch will continue to process prime buy to let applications until close of business on Wednesday 26th March, but will accept no new applications thereafter.
Polly Hughes, head of marketing at Mortgages plc, said: “We have seen both an increase in the number of new buy to let applications and a deterioration in credit quality, as other lenders have tightened criteria and pulled out of the market. Given the continuing difficulties in the capital markets, we have decided to pull out of the prime buy to let market for the time being and focus our resources on residential lending. However, we will continue to monitor developments carefully and, as and when the mortgage market starts to return to normal, we will review our position with regard to prime buy to let lending.”