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Big mortgage lender to enter buy to let mortgage market

Fri, 05 Aug 2005

Alliance &Leicester announced that it is to enter the buy to let mortgage market next year. The mortgage lender will continue to focus on residential mortgage lending but will be expanding its operations to include the buy to let mortgage market.

"We think this is one area that makes more sense to us as the buy to let market is stabilising and developing into a mainstream sub-section of the housing market," commented Mehrdad Yousefi, head of intermediary mortgages at the mortgage lender.

The bank will offer buy to let mortgages through its intermediary channel and be "concentrating on lending to good quality applicants".

Research by the mortgage lender found that mortgage brokers were hit hard on the pocket by regulation. However, it believes that the proposed extension of SIPPs next year, in addition to market diversifying by mortgage lenders, will help mortgage brokers.

The mortgage lender said it will be working closely with while it gears up to enter the buy to let mortgage market.

Alliance &Leicester is one of the UK's major financial services groups. It offers a broad range of financial services to personal and commercial customers. Alliance &Leicester is the UK's seventh largest bank , with around 5.5 million customers.

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