Salt withdraws from sub-prime

Salt has withdrawn from the sub-prime mortgage market in response to the uncertain economic outlook and slowdown in house prices.

Brokers have until close of day on Wednesday to submit any applications on the lender’s sub-prime range and it will honour any applications already in its current pipeline.

The Derbyshire’s intermediary brand will instead continue pursuing buy-to-let and prime self-cert mortgages in addition to launching a prime range on March 13.

Brian Carney, managing director of Salt, says: “We’ve worked hard to become a responsible lender and remain fully committed to the intermediary market. We have continually adapted our proposition in response to changing economic conditions.

“Our new range of prime income verified products has been designed to meet the needs of our customers within the current economic climate.”