People looking to buy a house in Scotland may be interested to learn that the Bank of Scotland has announced that it is to withdraw some of its buy-to-let mortgages.
Five of the bank’s current range of buy-to-let products are to be dropped on Wednesday as a result of mounting pressure from the extra business generated by other lenders dropping out of the market.
Ten of the Bank of Scotland’s self-certifying mortgages will also be withdrawn.
Heather Scott, head of press relations for HBOS mortgages, explained that the number of lenders in the specialist sector has been significantly reduced, which made business difficult for the bank.
"Our focus is on getting the right proportion of business. We can’t handle the level of business from those lenders who have left the sector," she said.
According to Moneyfacts.co.uk, the last month has seen the number of mortgages for both buy-to-let and residential properties decline by some 2,026 products.