Alliance & Leicester announces plant to join the buy-to-let market.
The bank announced its intention to move into this new market in its half-year trading statement. A&L plans to offer BTL through its intermediary channel.
Head of intermediary mortgages Mehrdad Yousefi says: “This news marks an exciting development for Alliance & Leicester Mortgages. While we continue to focus on residential lending we will look at appropriate ways to expand as the market changes. 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.
“This is fantastic news for mortgage brokers. Our research showed the impact of regulation has hit some brokers particularly hard on the pocket but the proposed extension of SIPPs in the spring of next year, along with lenders such as ourselves diversifying into new markets, will provide welcome scope for brokers to grow their businesses.”