Bradford & Bingley will reveal its revised lending panel by the end of the year and it is rumoured there will be a shock removal, Mortgage Strategy has learned.In August MS reported the panel could be slashed from 25 lenders to eight after the high street broker’s shake-up at the start of this year when it cut its panel from 50 lenders to 25. Though the revised panel has not yet been announced, the final number is thought to be between 10 and 20, with one notable absence. The panel currently includes Abbey, Alliance & Leicester and C&G, as well as major lenders Halifax and Nationwide. It is not yet known which lenders will survive but with one major lender rumoured to be missing out, the final panel will reap the benefits. David Bitner, head of mortgages at B&B, says: “There are still decisions being taken although we have talked to most of our panel lenders and are getting closer to deciding who will remain on our panel.” B&B released its quarterly mortgage market review last week. This showed a rise in gross mortgage lending in August to an estimated 27.5bn – one of the highest figures yet seen. Duncan Pownall, mortgage development manager at B&B, says: “After a slow start to the quarter gross mortgage lending rose in August to an estimated 27.5bn – one of the highest figures on record. “All types of lending increased but the most marked was remortgaging as thousands of borrowers came off the cheap two-year fixed rates of 2003. “We also saw a quarter point cut in base rate in August in a bid to revitalise the economy and the flagging high street. But many lenders had already factored this reduction into their deals so the change had little effect on the products offered.”
- Top trends
A new study by Defaqto claims that income protection insurance policies could breach the principles of the Financial Service Authority’s Treating Customers Fairly initiative.In its first report into UK long-term IPI products, Defaqto cites the consumer detriment caused by the complexities and inconsistencies in policy terms and conditions as providers seek competitive advantage rather than […]
The latest survey results released by moneyfacts.co.uk has stated that 77% of consumers would not be interested in having an equity release mortgage.The survey also highlighted that 61% of consumers are not happy with the level of service received from their bank and 29% of consumers have more than four credit cards.Emma Butler, editor of […]
Three-quarters of Mortgage Strategy Online readers think the Financial Services Authority should carry out a detailed audit of the sales and advice process in the retail mortgage sector. The FSA was criticised last week for failing to carry out such a review nearly a year after becoming the industry’s regulator. Although the regulator has cast […]
Just Retirement has finally announced the launch of its roll up and fixed lifetime mortgages. It has been courting the equity release market for some time and since early 2005 has been testing the water, in particular with its fixed lifetime product.
A team of employees from Health Shield are taking part in a challenging triathlon, the second year in succession that the fundraisers have taken on the event in aid of Beating Bowel Cancer.
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