MPLC withdraws from prime B2L

Mortgages PLC has withdrawn from the prime buy-to-let market with immediate effect.

The company will continue to process prime buy-to-let applications until close of business on Wednesday March 26, but will accept no new applications thereafter.

Polly Hughes, head of marketing at Mortgages PLC, says: “We have seen both an increase in the number of new buy-to-let applications and a deterioration in credit quality, as other lenders have tightened criteria and pulled out of the market.

“Given the continuing difficulties in the capital markets, we have decided to pull out of the prime buy-to-let market for the time being and focus our resources on residential lending.”

Hughes adds: “We will continue to monitor developments carefully and, as and when the mortgage market starts to return to normal, we will review our position with regard to prime buy-to-let lending.”