GEMHL’s decision comes on the back of it withdrawing its IGroup range from the secured loan market in March and pulling its First National range today.
Mark Snape, a sales director at GE Money Home Lending says it will only be operating in the prime mortgage market through its IGroup range.
In an email to brokers today he says with the likelihood of funding remaining scarce in the coming months it will need to more tightly manage the level of originations it generates.
He says: “Clearly these are challenging times and I regret not being able to support you in the way we would want, but in light of the unfolding economic conditions I felt we had to take this action to manage our lending more proactively.
“However as we look forward we will continually review our distribution strategy to ensure that we are well positioned when the market stabilises and begins to recover. In this regard your agency will remain valid, subject to you maintaining your appropriate regulatory licenses to trade.”
All pipeline cases must be completed by Friday 15 May 2009 and all deals sold on the old criteria prior to Friday 3 April 2009 must have been entered onto the First National Browser system by 5.30pm on Thursday 2 April 2009 to qualify for payout.
All pipeline deals including any outstanding needs must be received, fully packaged, at its Watford office by 4.00pm on Thursday 14 May 2009.