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No plans to leave the market says GEMHL

GE Money Home Lending has confirmed it is here to stay and has no intentions of exiting the specialist mortgage market, after dramatically increasing its rates yesterday.

A spokesman for GE Money Home Lending, says: “I can categorically confirm that we have no intention of withdrawing from the market.

“Yesterdays rate change was all about our reaction to the turmoil in the market. From our point of view, we have a very powerful franchise which we are keen to protect long-term, we see ourselves as a long-term player in the specialist market in the UK.

“Being a long-term player in the market doesn’t always mean you have to have your foot heavily on the accelerator in terms of volume. We want to be around long-term we are investing heavily in our technology so we are ready to hit the ground running when the market comes back.”


Meet Labour’s new economic guru

This week I can exclusively reveal that Prime Minister Gordon Brown’s office will soon announce the appointment of David Beckham as the government’s new economic guru. LA Galaxy is thought to have been paid £50m to release him from his contract, ensuring that he is free to sign for Labour. A job title has yet to be decided.

Woolwich cuts product rates

Woolwich is cutting rates on its fixed rate and lifetime tracker mortgages. Its three-year fixed rate deals start at 5.54% while five and 10-year products are available from 5.64%. All have a maximum LTV of 60% with a £995 fee. It has also launched a three-year fixed rate at 5.84% and a two-year fix at 5.99% available to 75% LTV.

Brokers should provide their clients with debt solutions

I have been disturbed by recent comments echoing the siren call that brokers should not help clients faced with crushing debts by giving them the right advice when consolidation has already been ruled out.


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