Lloyds Banking Group is to stop offering buy-to-let products via its intermediary channels through either Cheltenham & Gloucester or LTSB Scotland brands from September 25.
Buy-to-let lending will still be made available to intermediaries through the lender’s specialist brand BM Solutions.
The lender is also planning to limit buy-to-let portfolios to a maximum of three properties, or £2m worth of lending, whichever is exceeded first, across the group.
LBG head of intermediary distribution Peter Curran says: “These changes mean we will continue to support the vast majority of landlords through our leading specialist Buy to Let brand, BM Solutions, helping to ensure that we are providing a competitive and appropriate proposition.”
Pipeline applications will be honoured but any subsequent changes will be assessed under the lender’s new policy.