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Abbey shelves buy to let

Abbey has withdrawn from buy-to-let lending temporarily to focus on its residential mortgage business.

The lender has also reduced its tracker range to a single product – a two-year tracker at 6.12 per cent up to 75 per cent loan to value with a £999 fee.

Abbey has repriced many of its deals and launched a new 75 per cent LTV range but its core range is still offered at 90 and 95 per cent LTV.

London & Country Mortgages technical manager Richard Morea says: “This is not good news. It says this is a temporary withdrawal from BTL but it will be interesting to see how long it will be out of it.

“Reducing to a single tracker rate at 75 per cent LTV will cut out anybody who does not have a 25 per cent deposit which will hit new borrowers and second-time buyers most.”

An Abbey spokesman says: “The changes reflect the continuing market conditions, recent competitor moves and our commitment to maintain service levels. They are in line with the rest of the industry and we will continue to monitor the market.”

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