Aldermore has announced that it is withdrawing from the bridging loan market.
In a message to intermediaries on its website, the challenger bank said that as of 1 September it will no longer accept bridging applications.
However, it will continue to focus on its core mortgage proposition of residential owner cccupied, buy-to-let, commercial and property development.
Aldermore said that all existing applications will be honoured.
No great surprise here. Despite the massive demand for bridging Aldermore never understood the market and their poor schemes showed it.