Network Data has admitted it is looking to sell its mortgageLink sourcing system and is in talks with several companies.Following its flotation on the Alternative Investment Market earlier this year, the network is taking a fresh look at its business and whether or not it makes sense to retain mortgageLink. Richard Griffiths, managing director of Network Data, says: “When we were a private company we had nobody to answer to. But now we have shareholders so we have to be accountable for the financial operations of the company. We can’t afford to have any sacred cows so we are evaluating everything we do.” Although some sources suggest the sale could be a way for Network Data to raise capital and launch into lending, Griffiths says this is not the case. He also maintains that the decision to sell has not been brought about by pressure from shareholders. He says: “We are trying to pre-empt the situation and decide whether it is better to dispose of the system or not, but that’s not to say we are under pressure from our shareholders.” Griffiths adds that whether it decides to sell mortgageLink or not, Network Data’s appointed representatives will continue to have access to free, compliant sourcing software. Network Data launched in 1986 with its mortgageLink software, which offered access to the whole of the UK market. The identity and number of potential buyers remains undisclosed but one sourcing system source queries the value of such as acquisition. He says: “Why would anyone want to buy mortgageLink? The sourcing system market is pretty much sewn up and although several people have tried to break into it none have been successful.” In September, it was rumoured that Vertex, Capita and Mortgage Brain were in talks with Trigold over a potential buyout for 20m. Vertex and Capita have both been named by sources as possible buyers of mortgageLink. This is something Vertex denies and Capita has declined to comment on.
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Brokers have been warned that if they don’t advise on second charge loans they could be running the risk of breaking the Financial Services Authority’s rules on best advice. John Webster, chief executive of Swift Group, says that although more advisers are offering second charge products, he is concerned that those who don’t are failing […]
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Scarborough has recruited John Jenkins as regional development manager to support its specialist lending brand. Covering the Midlands and South, Jenkins will build relationships between Scarborough and brokers, and raise awareness of Scarborough Specialist Mortgages as well as the society’s prime offering.
GE Money Home Lending has enhanced its British Mortgages Abroad product range to include the option to buy a second holiday home. The product range also offers a 0.26% rate reduction in its reversionary rates following the expiry of any fixed rate, a rate reduction on its three-year fixed product to 6.79%, and introduces a […]
A report from the Centre for the Modern Family out last week presents some interesting — and perhaps rather worrying — findings.
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