View more on these topics

Borro withdraws from bridging market and announces new CEO

Secured lending specialist Borro has announced that it will withdraw from the property bridging loan market due to overcrowding of the market and ‘decreasing property values.’

The specialist lender has said it will now concentrate on its luxury asset finance activities.

The move follows the resignation of chief executive and founder Paul Aitken last month. Borro has announced that Aitken has been replaced by John Allbrook, former executive chairman of Syscap, with immediate effect.

Of the change in strategy, Allbrook says: “Borro has carved out a unique space in the financial services market and I am confident about future growth.”

“However, the property bridging market has become particularly crowded and this coupled with decreasing property values makes this a pragmatic decision to have reached.

“There is a substantial opportunity to grow our luxury asset finance business both in the UK and internationally. Making this our primary focus will help the business to realise its true potential.”



Brokers should brace for buy-to-let delays, say experts

Buy-to-let brokers are being warned to brace for delays and a “logjam” in lender service when new underwriting rules for portfolio landlords are implemented from 30 September. The Prudential Regulation Authority’s new rules mean that all lenders must undertake tougher affordability checks on landlords with four or more mortgaged properties. Lenders have flexibility in interpreting […]

When will lenders get to grips with short-term lets?

As internet-fuelled short-term letting gains popularity, will lenders get on board with ‘Airbnb mortgages’ or risk having their rules broken by thousands of customers? The Airbnb revolution is upon us, but many brokers say mortgage lenders have yet to get to grips with the rising popularity of internet-fuelled short-term letting. In recent years, many banks […]

Broker Focus: DNA Financial Solutions

The Mortgage Strategy Broker Focus column aims to amplify the voices of intermediaries up and down the country. Profiling a different mortgage broker every week, the column asks a mix of light-hearted and professional questions about the individual, their firm and their take on the mortgage market. Last week we interviewed LEA Financial Services founder Les […]

Health - thumbnail

Fit for Work: guidance for employers published

On Friday, the Department for Work and Pensions published its guidance for employers on using the new Fit for Work (FfW) service to help ill employees return to the workplace. It also includes more details on the tax exemption for medical interventions that commenced on 1 January 2015.

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]


News and expert analysis straight to your inbox

Sign up