Abbey withdraws from B2L

Abbey has withdrawn from the buy-to-let market temporarily to focus on residential business.

The lender says it is part of a rejig to keep rates in line with market moves in order to maintain service levels.

The lender says it has also simplified the range.

As part of the revamp Abbey has launched a new 75% LTV range that includes core, homebuyer solution and remortgage solution options with rates up to 0.25% lower than the previous range.

It is still offering core 90% and 95% LTV products fixed rates available at two, three and five-year terms

A release from the lender says the current residential range will be withdrawn at 10pm on April 21.

Full applications must be submitted by this time in order to secure a booking on the product.

A spokesman for Abbey says: “We are still maintaining a buy-to-let option although this is through the direct channel only. The temporary withdrawal in the intermediary channel is to ensure we maintain high service levels on our core residential lending.

“It also reflects the demand we expect to see going forward as the buy to let sector contracts. We must stress that this is likely to be temporary and we expect to relaunch into the buy-to-let market with an attractive range and, importantly, an improved proposition when market conditions allow.”