Mortgages

Axis Bank UK halts buy-to-let lending

Axis Bank UK is halting originations on Friday the 14th of February.

Rozi Jones
|
11th February 2020
Axis Bank

Axis Bank UK is halting buy-to-let origination as part of a 'strategic review', Financial Reporter understands.

In a note to brokers, the lender announced that it would halt originations on Friday the 14th of February, with the last day for Decisions in Principle Wednesday the 12th.

Axis Bank launched into the UK market in 2013 and is the London-based subsidiary of India's third largest private sector bank.

Its buy-to-let range is aimed at professional landlords and was introduced in 2015. It has since partnered with a number of clubs and networks, most recently PMS and Sesame in October 2019.

Jason Neale joined from Magellan Homeloans in June 2019 as Axis Bank's new head of buy-to-let business.

A spokesperson for Axis Bank UK declined to comment but confirmed that the Bank is "reviewing its overall long term strategy" and will make an announcement in due course.

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