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Cash is not an issue for online launch

Mystery surrounds the identity of two serial entrepreneurs who are looking to launch an online lender into the mortgage sector targeted towards providing short-term and high-volume loans for consumers.

Mortgage Strategy understands cash is not an issue for the north-west London-based lender. Sources say funding lines are already in place and have been sourced from a reliable lending pool.

The news has set tongues wagging among the intermediary sector as any entrance in such a beleaguered market can only be a positive sign.

Although the exact nature of the new entrant is uncertain it will be in a market where the existing few players are posting positive financial results.

Sources say that is likely to mean it will be focussing on bridging finance but possibly second charge lending too.

With unemployment currently at a 12-year high the credit crunch means that the mortgage market is awash with available talent across all levels.


Patellis joins ‘common sense’ Blueprint fold

George Patellis, the ex-director of Lehman Brothers-owned Preferred Mortgages, has joined Blueprint Lending as non-executive chairman.Blueprint is a commercial lending start-up formed by a group of former members of 5D Finance.Although funding for Blueprint is yet to be secured there are advanced talks with a number of institutional investors. Several entrepreneurs are believed to have […]

Abbey launches flexible offset deals

Abbey for Intermediaries has launched a range of flexible offset mortgages, giving borrowers the chance to use their savings to pay off their mortgage while interest rates are low.The products are at base rate plus 3.25% and fully flexible. They are available up to 75% LTV and have a fee of £1,495.The range is available […]

New FSA focus will help smaller firms

At last, the Financial Services Authority has announced that it is to move away from a principles-based regulation towards a more outcomes-based regime.

Rock kept giving 125% loans after taxpayer bailout

Northern Rock says it kept churning out Together mortgages for five months after it was propped up by government money to maintain relationships with brokers.In a report out from the National Audit Office entitled The Nationalisation of Northern Rock, it was exposed that the now infamous super-size mortgage product continued to be produced by the […]


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