Axis Bank is putting a stop to buy-to-let lending on Friday while it decides whether to continue in the sector.

In an email to brokers seen by Mortgage Strategy the lender says it will be carrying out a strategic review of its buy-to-let business.

The email says: “Axis Bank UK is conducting a strategic review of its buy-to-let mortgage operations.

“Accordingly, and until further notice, Axis Bank UK has decided to suspend origination of new buy-to-let mortgages with effect from 5:30 pm GMT on Friday 14 February 2020. 

“No new mortgage applications shall be accepted after this time.”

The lender says that further to this the last day for the submission of new Decision in Principles is Wednesday February 12 at close of business and applications must be submitted immediately upon acceptance. 

The last day for the submission of new applications is Friday 14 February at close of business.

The email adds: “This suspension shall have no impact on existing mortgage customers. 

“The Bank will as always ensure that appropriate standards of transparency and fairness are maintained in dealing with all its customers, and we will keep you informed of further developments following the completion of the strategic review.”

Mortgage Strategy has contacted Axis for comment.