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Lehmans rumoured to be set to axe UK lending arms

Rumours are rife that Southern Pacific Mortgage Limited and Preferred Mortgages are both set to be wound up by parent group Lehman Brothers.

A source close to the firm confirmed yesterday that it was looking at suspending lending at both of its UK divisions, but they refused to be drawn as to whether it could lead to a full scale withdrawal from the UK market.

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House prices stayed static in February

House prices in England and Wales remained static on average during February with no monthly price change, says the Land Registry. The Land Registry says the average house price in the UK now stands at £185,616.When the Land Registry’s latest figures are broken down into regions instead of average UK prices, they show London prices […]

Distributors join force in open letter to intermediaries

Distributors in the mortgage market have joined forces and written an open letter to all intermediaries, asking them to be patient with lenders.The letter, which is written by John Malone, managing director of Premier Mortgage Service, has the backing of Pink Home Loans, Sesame, Personal Touch, Home of Choice, Openwork and Legal & General.The letter […]

NatWest alters buy-to-let range

NatWest will be offering new buy-to-let deals from March 31.Included are two two-year fixed rates available online only with 85% LTVs and a 20% rate increase.Also changed are a series of tracker deals including a pair of two-year deals at 85% LTV. Rates on these have risen by 21% and 25% putting the deals at […]

All change for secured loans sector

The reformed Consumer Credit Act is about to become law so it’s worth looking at how it will affect the second charge sector, especially if brokers want to diversify, says Bill Warren

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