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Alliance & Leicester to enter buy-to-let mortgages market

Alliance & Leicester (A&L) is planning to enter the growing buy-to-let market in the UK as it prepares to launch a new range of mortgages.

In a move backed by US investment bank Lehman Brothers, A&L is about to commence distribution of buy-to-let, self certified, near prime and sub-prime specialist mortgage products.

The bank confirmed the plans in its 2006 pre-close announcement to the City.

We are very excited to be nearing our launch into specialist markets where we aim to bring additional choice and competition with market-leading mortgages, said Mehrdad Yousefi, head of intermediary mortgages.

We are delighted that we will be able to provide a wider range of deals to suit the changing needs of borrowers. By working closely with mortgage intermediaries we can offer a ‘one stop shop’ for all clients’ needs, he added.

A&L also said it will continue to focus on the prime residential mortgage market.