Short-term lender Tiuta has pulled out of regulated mortgage business to concentrate on its bridging activities.
The lender will now be solely focused on the professional bridging loan market and will no longer accept regulated mortgage applications. The move follows an internal business review.
Regulated mortgage business makes up around 2 per cent of Tiuta’s mortgage book. It says the time and resource it takes to manage this is not justified.
Head of strategic policy Martin Kearns says: “Following a complete review of the business strategy Tiuta has decided that it will stick to what it excels at, namely secured bridging lending to professional and experienced customers.
“There is an enormous demand for such loans in the UK and we have the funding lines and expertise to remain the number one provider in this market.”