Beacon Homeloans says it's now the UK's 11th biggest lender
Share
Beacon Homeloans has revealed that based on its sales volumes so far in 2009 it estimates that it’s now the UK’s 11th largest lender.
As a result of lenders either exiting the market or severely constraining the amount of lending they do - the Council of Mortgage Lenders predicts that gross mortgage lending in 2009 will be just £145bn - the lender has leapt up the rankings this year from its position of 25th largest lender in 2008.
The firm is funded by German bank HypoVereinsbank and is currently the last remaining UK self-cert lender following Platform’s decision to pull out of the self-cert market this week.
Clive Wilson, sales director at Beacon, says the the firm welcomes the decision today to inject a further £25bn into the quantitative easing programme.
But he says: “This approach has not worked in the past and we see no reason to believe this time will be any different. UK banks are just using the cash to bolster their balance sheets and consumers are not gaining any benefit.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (5)
Anonymous | 6 Nov 2009 9:01 am
Congrats to HVB for continuing to fund & buy mortgage assests. Despite the current view on mortgage assests they have looked at the longer term picture and will no doubt be rewarded with a profitable mortgage book worth millions more than the cost of orgination.
Unsuitable or offensive? Report this comment
Rob Jupp | 6 Nov 2009 9:37 am
Congratulations to all at Beacon for all that you have achieved in the toughest 24 months (hopefully) in a lifetime. There are thousands of homeowners that wouldn't have been able to move or remortgage without you.
Unsuitable or offensive? Report this comment
Mickey | 6 Nov 2009 1:56 pm
Baecon are the 11th largest lender?
Too be fair, there are hardly any lenders left to lend except high street lenders.
Anyway, hats off to be Beacon for sticking their necks out on self cert products.
Unsuitable or offensive? Report this comment
Anonymous | 11 Nov 2009 5:11 pm
This is fine except that BHL are not really a lender in the accepted sense of the word. They sell on every mortgage on the day of completion to Redstone Mortgages (a Special Purpose Vehicle and a division, apparently, of the Skipton Building Society).
So, great that they're lending but there's an onerous and never ending stream of drivel from both them and their representatives, legal and otherwise. This is easily explained by their need to get only the absolute best of clients so they can get the best sell on deal although from the point of view of customer service, well, they don't have any.
Unsuitable or offensive? Report this comment
Anonymous | 25 Feb 2010 8:04 am
Well done Beacon, keep up the good work!
Unsuitable or offensive? Report this comment