We are here to stay says GEMHL

GE Money Home Lending has confirmed it is here to stay and has no intentions of exiting the specialist mortgage or secured loan markets, 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.”

First National rates on its secured loan range have increased between 1.6% and 3.4%, with commissions reduced on status 0, 1 and 2 by 0.5%, with completion fees and criteria remaining unchanged.

igroup rates have increased between 1.6% and 2.85%, with commissions increased on Xps 0 by 0.25% and reduced on XPS 3 by 0.5%.

With immediate effect all new cases must be submitted on the new rates, GEMHL will honour current pricing on any deals received to its offices by close of business today that are awaiting execution, provided these deals are paid out by close of business on September 23.

Any deals received from September 19 will need to be on the new rates. Any deals currently in the post and that are not received today will be returned.

Any deals not yet submitted will need to be re-offered on the new rates.