View more on these topics

Firms deny pulling deals due to media frenzy

The Mortgage Business and Bristol & West have both denied that the withdrawal of their 90% LTV self-cert products is a result of the media furore surrounding the market.

Brokers see the move as a clear sign of lenders reacting to accusations of mis-selling levelled at the market in The Money Programme.

But TMB tells Mortgage Strategy the withdrawal is just a sign of the company managing its risk profile and that price changes alone were considered insufficient to control it.

Mark Bergin, TMB director of sales and marketing, says: “The timing will cause people to leap to the wrong conclusion. Business is up for the year but Self-Cert 90 has gone that little bit further. To keep a balance we decided to ease up. We expect to be back out with a self-cert product early next year.”

Bristol & West says the change is a result of it having used up money set aside for self-cert lending in the 85% to 90% LTV bracket.

Neena Kithoray, senior product manager, says: “It&#39s a coincidence. We&#39ve just run out of money.”

But Nick Harris, associate at London-based Square Mile Mortgage Finance, says the withdrawal by B&W and TMB was unsurprising.

He says: ” With all the media exposure lenders are looking carefully at what they are doing. I expect to see more reviews like these.”


Half of equity release business now through brokers

Nearly half of all equity release business comes from intermediaries &#45 over 10% more than last year. The figures, revealed by the Council of Mortgage Lenders at the Mortgage Business Expo yesterday, also show that lifetime mortgage account for three-quarters of the equity release market and £1bn of lending a year, while home reversions account […]

SMS raises £3,000 for children&#39s charity Dreamflight

Solent Mortgage Services South-West has raised more than £3,000 for children&#39s charity Dreamflight at their second annual South-West charity dinner. The black tie dinner followed by charity auction was held at the Southgate Hotel in Exeter, and attended by SMS&#39 South-West based employees and mortgage introducers from across the region. Dreamflight, a charity that raises […]

Quest to showcase reappraisal system at Expo

Quest Associates will be previewing its new Computer Assisted Reappraisal solution at this year&#39s Mortgage Business Expo. The CAR system speeds up reappraisals four-fold by providing the original surveyor with the essential data required to complete a mortgage valuation, without the need for a property inspection. It has been specifically designed so the original surveyor […]

OFT and Corrie star to launch major debt advice campaign

The Office of Fair Trading is to launch a major debt advice campaign with the aid of Coronation Street star Sue Cleaver. Cleaver, who plays Eileen Grimshaw who is in debt, will lend her support to the OFT campaign &#39In Debt? Help Yourself Out!&#39 aimed at helping people with debts they are unable to control. […]

Why we all need to back the housing underdog

The UK loves an underdog. There is something irresistible about the story of the little guy standing up to the established players and leaving them with a bloody nose, whether it is Henry Cooper putting Muhammad Ali on the mat or the Wallabies trouncing the Kiwis in rugby. At the Conservative Party conference, LendInvest championed […]


News and expert analysis straight to your inbox

Sign up