ITL Mortgages to ramp up its lending by 300%
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In the Loop Mortgages is poised to boost lending by 300% in 2010 and will unveil an 85% LTV product range before the year-end.
The lender, part of Stroud & Swindon Building Society, has not confirmed pricing for the new deals but Linda Will, sales and marketing director at ITL Mortgages, says it hopes to make the products available to the whole market.
She says: “We will be unveiling some fixed rates and tracker deals in the next few days. We want to show that competition is hotting up in the mortgage market.
“We have been successful with our retail funding and expect to do three times as much lending in 2010 as we did in 2009.”
Will says that while the firm hopes to offer its products to the whole market it will also be looking to do exclusives with a number of distributors.
She adds: “I think the worst is over in the mortgage market but we could see a double dip in 2010. “House prices could fall by a further 5% which is why we are staying away from higher LTVs at the moment.”
The lender currently offers a two-year fixed rate 80% LTV deal at 5.59% with a £99 booking fee and a minimum product fee of £999 or 1% of the loan amount.
David Hollingworth, mortgage specialist at London & Country, says any lender looking to boost volume is good news but rates remain key for customers.
He says: “We are starting to see a bit of competition in higher LTV lending but it would be good to see some more competitive rates.”
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