LMC dismisses rumours of financial difficulties

London Mortgage Company has hit back at rumours it is in financial difficulty, saying it is on target to make profits of 7m this year.

Robert Owen, chief executive officer at LMC says he won’t comment on speculation the company is for sale but wants to stress it is going from strength to strength.

He says: “We are on target to make 7m in profits this year. That is an improvement on last year’s figures, and we are hoping this trend will continue into next year.”

Owen puts these rising business levels down to the fact LMC is still relatively new. It was formed in 2001.

He says: “I think because we are still quite fresh to the market, we are still gaining market share. Over the past couple of months we have been doing a lot more business.”

However, Owen admits the market is still a bit slow in some areas of the country and has been for the past 12 months, especially the South-East, where he says it is impossible for first-time buyers to get a foot on the property ladder.

Owen concludes: “We have recently broken through the 1bn barrier in terms of total mortgage and loan assets and I expect this positive growth trend to continue.”