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HBOS says results are no cause for complacency

HBOS says there is no room for complacency, despite it maintaining a 21% share of the UK mortgage market in 2006.

The lending giant’s financial results, published last week, show that as well as retaining its majority share of the mortgage market, it has also seen a £13bn rise in gross mortgage lending across its five brands.

But Nigel Stockton, managing director of HBOS Intermediaries, says: “We are the biggest mortgage lender in the UK but only because we listen to customers and brokers. There is no room for complacency.”

HBOS’ net lending increased from £11.9bn to £18.8bn in 2006.

Stockton adds: “Market share will not grow to more than 17.5% but 2007 will see more emphasis on profits. With investment in technology, HBOS will continue to be the country’s biggest lender.”


Dear Delia

Dear Delia,
my client wants to purchase a buy-to-let property worth £150,000. A valuer has confirmed the rental yield on the property as £500 per month. So far I have been unable to source an appropriate product due to the rental yield being insufficient to cover the monthly mortgage repayments. He earns £60,000 a year and has an existing residential mortgage balance of £127,500, credit card commitments totalling £2,352 and a loan of £120 per month. What are his options?

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