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Britannia&#39s interim results show record lending

Its operating profit was £67.9m up 7.6%, with record lending of £2.9bn, for the half year plus 73%. All three lenders within the group, Britannia, Platform and the commercial lending department, delivered first half figures.

Quality of lending remains high. Just 4.4% of group residential lending for the half year was at more than 90% LTV with the average mortgage LTV at just 66%. 94% of lending is at multiples of 3.5 times salary, or less, minimising the risk of bad debt.

Britannia Group chief executive Neville Richardson says: “These strong results show we are competing effectively in our target markets and can deliver good performance for our members in this low margin environment.

“Maintaining healthy profit levels and investing in service while keeping margins low and products competitively priced shows that our unique mutual model is working for our members.”


Mortgage Direct receives MTA letter

Peter Gladdy, director of Mortgages Direct, says: “We&#39re pleased to have received our MTA letter. It is testament to the significant amount of time and money which Mortgages Direct has invested in compliance since the announcement of the pending FSA regulations. The letter is an important milestone in the development of the company and in […]

Will interest-only deals be the next scandal?

Lenders and brokers are warning that a future mis-selling scandal could surround borrowers taking out interest-only mortgages without setting up repayment vehicles. Some believe borrowers are mistakenly relying on their properties to increase in value to pay off their debts and there is concern people are buying consumer items with money that could be contributing […]

PMP gains full authorisation from FSA

The grant of permission under part IV of the Financial Services and Markets Act 2000 makes Professional Mortgage Partnerships fully authorised with effect from October 31 2004. David Dodsworth, compliance manager at Professional Mortgage Partnerships, says: “We are of course delighted to have received this authorisation. I would say that we have moved quickly, by […]

CII launches Society of Mortgage Professionals

The society has recruited Richard Fox, currently compliance director at the MCCB, to become its chief executive from November 1, when the it launches. It says it will work alongside the Association of Mortgage Intemediaries, not in competition with it. It is also in the process of establishing an advisory board of nine leading market […]


Trust me, I’m a provider

By Craig Paterson, Underwriting and Claims Philosophy Manager, Royal London Hard-hitting headlines “Dying mother of two is refused life insurance payout.”1 “What a way to treat a dying man: Grandfather refused life insurance claim.”2 “A widow betrayed by a life insurance company.”3 With headlines like these, it’s no wonder some consumers don’t trust providers. Trust […]


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