View more on these topics

C2 pulls plug on mortgages

C2 financial says it is no longer actively seeking mortgage business in the broker market as a result of the continued economic downturn.

But its parent group County Mortgage Services says the firm remains well capitalised and will continue to expand into other markets.

It stresses that it will honour all pipeline business and that brokers yet to have receipt of proc fees will be paid.

David Wylie, chairman of c2 and County Mortgage Services, says that the firm entered the market downturn 12 months in a strong financial position and this has been maintained.

But with the market unlikely to return to normal until 2011, it’s taken the strategic decision to suspend its day to day business as a mortgage packager for the foreseeable future.

Wylie says: “The company has acted decisively to preserve the interests of customers, employees and shareholders.

“By preserving the company’s infrastructure, databanks and capital we ensure our ability to aggressively re-enter this sector of the market when conditions improve and when meaningful levels of mortgage lending become available once again.”

Recommended

B&B director quits firm

Matt Stevens, group sales director and executive director at Bradford & Bingley, resigned last week.Stevens is expected to leave his role by the end of September.

Website matches buyers to sellers

Homeswapper.co.uk has launched a consumer service that connects prospective buyers with home owners looking to sell their properties.

Nationwide may shut centres

Nationwide is considering closing five processing centres in an effort to streamline its business. Centres in Swansea, Belfast, Southampton, Rayleigh and Sevenoaks are being assessed as part of the 30-day consultation. Nationwide has refused to comment on possible redundancies.

Newsletter

News and expert analysis straight to your inbox

Sign up