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The statement also confirmed that Bradford & Bingley's lending volumes and net interest margins were down in the first quarter of 2008 compared to the same time last year.

But the business stressed that demand for buy-to-let products remained robust.

Bradford & Bingley has also yet to call on its £2bn funding facility.

The statement said: "During the first quarter, we managed business levels lower than the same period last year as we repriced our mortgage products to deliberately regulate volumes and widen new business margins.

"To enhance business quality, we have increased minimum credit requirements and selectively lowered maximum loan-to-value levels.

"As a result, the new business pipeline is below the same period last year, but in line with our plan for 2008."