View more on these topics

Cattles asks for government aid

Troubled lender Cattles pleaded with the government last week to include secured lenders in its loan guarantee scheme to help kick-start its lending operation.

At the moment the scheme is only open to lenders that are authorised deposit-takers with more than £25bn of eligible assets.

Cattles has abandoned plans to apply for a banking licence from the Financial Services Authority until the terms of its renegotiation of £635m of its bank facilities are known. It had hoped to secure about £1bn in retail deposits by 2010 after gaining a licence.

Cattles says if the government agrees to guarantee a percentage of its loans it could reverse plans to shed 1,000 jobs and cut back lending.


Northern Rock back in business

Nationalised lender Northern Rock has returned to the mortgage market with fixed rate deals marked down 1% from two weeks ago, figures from reveal.

Andy Wilgoss is made redundant

Andy Wilgoss, managing director of Square Mile Mortgage Finance, has been made redundant after eight years at the helm of the brokerage.


News and expert analysis straight to your inbox

Sign up