View more on these topics

Britannia half-year results show record lending across the group

All three lenders within the group, Britannia, Platform and the commercial lending department, delivered record first half figures.

The group says that quality of lending remains high. Just 4.4% of residential lending for the half year was at more than 90% LTV with the average mortgage LTV at just 66%. And 94% of lending is at multiples of 3.5 x salary or less, minimising the risk of bad debt.

Britannia Group chief executive Neville Richardson says: “These strong results show we are competing effectively in our target markets and can deliver good performance for our members in this low margin environment.

“Maintaining healthy profit levels and investing in service while keeping margins low and products competitively priced shows that the mutual model is working for our members.”

Recommended

On the beat

However for me the entertainment value is fading and I am now getting pretty fed up with the hostilities. The nature and conduct of the debate it getting us nowhere. It is not constructive on any level. In fact to conduct the debate in public at this critical time is counterproductive. Now is the time […]

Santander woos IFAs in race to buy Abbey

The wooing of IFAs came as a result of rumours that Santander would increase the number of mortgages sold through branches to 50%, at the expense of intermediaries. Santander has countered that it has no intention of reducing Abbey&#39s dependence on IFAs and that Abbey would remain a UK-based bank. All things going to plan, […]

Finance and business confidence high, reveals Manpower

The growing confidence has helped drive UK job prospects to a net employment outlook of 18% – the highest national outlook since the end of 2001. In addition, the UK is also posting the most positive outlook of any of the European countries surveyed. Hazel Detsiny, director at Manpower, says: &#34In spite of increases to […]

LIME fully authorised

Simon Hudson, chief executive of Tenet, says: “As a major player in this market and the first mortgage network to launch, this permission confirms the decision of hundreds of advisers to join LIME was the right one.” To prepare advisers for pending regulation LIME are hosting a series of industry-leading events over the coming weeks […]

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 […]

Newsletter

News and expert analysis straight to your inbox

Sign up