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Bolton lashes ‘scared’ lenders

Mainstream lenders are still “scared shitless” by the sub-prime market.

That was the striking message from Michael Bolton, managing director of HBOS Specialist Lending, at the Mortgage Summit.

Bolton launched a stinging attack on the likes of Barclays and Bristol & West, criticising them for being no more than a fa栤e for other lenders.

Bolton told delegates: “2004 saw big changes in the sub-prime market. It seemed each month another lender would join the ranks – with mainstream lenders still bottling it.”

But, he says, boutique lenders such as Beacon Home Loans will thrive, helping to serve a market that now includes the nine million adults estimated to have been refused credit in the past year.

Bolton went on to say remortgaging will continue to play a key part in the sub-prime market, with 29% of sub-prime applicants citing debt consolidation as the reason for their loan.


GMAC-RFC says brokers rate its service highly

GMAC-RFCsays that at a time when other lenders’ service seems tobe falling flat, broker feedback reveals that 80% rate its processes above average. When asked to ratethe service levels of GMAC-RFC, 79% of brokers said it provided above average service. Some 28% rated its staff as highly efficient and helpful and when asked to rate […]

BoE holds interest rate at 4.5%

The Bank of England has voted to keep interest rates on hold at 4.5%The decision by the nine-member Monetary Policy Committee comes after last months cut of a quarter point from 4.75%, the first cut in two years.

Using few lenders doesn’t mean giving limited advice

From Dave King Ray Boulger is as distanced from the real world as I always suspected if he really thinks independent brokers are giving limited advice due to not using a large number of lenders (Mortgage Strategy September 5). It is only necessary to read your letters pages to see why some of us exclude […]

Pink launches fixed rate B2L products

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Changes to capped drawdown tables

The tables used for capped drawdown maximum income calculations have been updated. We look at the reasons for the change and what the impact could be. Changes to capped drawdown tables Capped income drawdown involves taking a pension directly from a fund instead of buying an annuity. However, there’s a limit on the maximum amount […]


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