New entrants in the buy-to-let market will not have a big impact and are not regarded as competitors, says Mortgage Express.Gus Park, head of buy-to-let and equity release at MEX, says: “Entrants may make a big noise at first but in reality most of our competition comes from the usual suspects – firms that have been in the industry for years.” Figures from Moneyfacts.co.uk show eight intermediary lenders and several direct lenders – most recently Alliance & Leicester – have entered the market of late. Moneyfacts.co.uk also reveals that in terms of product numbers there has been a 75-fold increase over 10 years. But Park says while the entrants might make a splash at first they won’t pose much of a threat to existing buy-to-let lenders. He says “There’s a difference between offering buy-to-let products and being a buy-to-let lender. The new lenders will have no real impact.” But Bill Dudgeon, managing director of new entrant DB Mortgages and former managing director of The Mortgage Business, says: “There’s definitely a place for new lenders in any market but they must show they have something different to offer. “I don’t know how MEX can say new entrants won’t make a difference. Every lender is a new entrant at some point. Take TMB for example. It was new once and has gone on to be successful. MEX will have to wait and see.”
The shadow chancellor George Osborne has launched a series of new policy proposals specifically designed to help smaller businesses succeed. ?Osborne says: “Small businesses are the lifeblood of our economy. Not only do they employ over half of the entire UK workforce and generate over half of the total UK turnover, but they’re also responsible […]
Online conveyancer Easier2move is launching a new centralised remortgage team to speed up transactions.Internal research from E2M has revealed that 12% of transactions are held up due to the client not returning their questionnaires on time. The service will see the centralised team chase up client questionnaires – amongst other documents – on behalf of […]
The Association of Mortgage Intermediaries has launched a factsheet on financial promotions for sub-prime mortgage products. It has been designed to give an overview of common errors on sub-prime promotions and how these can be addressed to help create compliant financial promotions.Earlier this month the FSA published a progress update on its financial promotions work. […]
Some 66% of Mortgage Strategy Online readers back the government’s decision to introduce energy inspectors. But trainee home inspectors still say the solution is a slap in the face after the time and money they invested in becoming full inspectors. This week Mortgage Strategy asks: “Is the Tory party’s revamped Right to Buy scheme a […]
The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.
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