View more on these topics

MEX pulls 100% mortgages

Mortgage Express has withdrawn all of its 100%+ and 100% Extra range.

It follows the departure of all supersize, 125% LTV lenders from the market last month.

MEX is also withdrawing all mortgages in its standard, full-status range, its 90% LTV buy-to-let products and its two-year 85% LTV self-cert deals.

But it says it will retain its three-year self-cert deal, also at 85% LTV.

The lender says it will honour all pipeline business and is urging brokers to reserve any deals on its current product range immediately.

Gus Park, director of intermediary sales at MEX, says: “With everyone pulling back from the 100%-plus LTV market, we can’t afford to be left out there alone.”

He adds: “It’s a strategic decision and about managing the flow of business.”

Recommended

E2M appoints new regional sales directors

Easier2move has appointed Lisa Newey and Charlotte Etheridge as regional sales directors. Newey will be responsible for the South and Etheridge will oversee Central and North England.She joined E2M as an account manager three years ago and was promoted to BDM heading up the South after a year. In her new role she will continue […]

Brokers realign business models in line with market change, says GE

Brokers have been praised for realigning their business models to capitalise on the changing market conditions by GE Money Home Lending.Anthony Radford, sales director at the lender, says: “Brokers’ alertness to anticipated changes in the industry will ensure they are prepared to navigate changing market conditions over the next six months. “With the support of […]

RBSIP hikes five-year rate

RBS for Intermdiaries is increasing the rate of its First Active five-year fixed rate remortgage range from 5.6% to 5.75%. The fix applies until April 30 2013 and features a £799 arrangement fee.

S&P lowers A&L’s long-term credit but outlook is stable

Standard & Poor’s says although it’s lowered Alliance & Leicester’s long-term credit rating, changes to the UK bank’s funding arrangements mean its off CreditWatch and the outlook is stable. Its long-term counterparty credit rating has been lowered by S&P from A+ to A.But the bank has been removed from the credit rating agency’s CreditWatch where […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

Newsletter

News and expert analysis straight to your inbox

Sign up