View more on these topics

Secure Trust eyes mortgage market

Secure Trust Bank is considering an entry to the mortgage market.

The Solihull-based lender says it has hired a team to explore the idea.

In its interim results, published last week, it said: “We remain open to the possibility of competing in the UK mortgage market and have hired a team to undertake a detailed study to establish if we can build a sustainably viable proposition in this market alongside some of the other challenger banks.

“In particular, we have been awaiting the outcome of the first Budget of the new Government and are now factoring the announcement in respect of tax relief changes on buy-to-let mortgages into our deliberations.”

The bank, which is listed on the Alternative Investment Market and is a subsidiary of the Arbuthnot Banking Group, made a £16m pre-tax profit in the first six months of the year, up 40 per cent year-on-year. Its income in H1 reached £62.2m, up from £43.8m in H1 2014.

Presently, Secure Trust Bank offers a range of personal, motor and business loans as well as current accounts and real estate development products.

Recommended

Leader: FSCS levy reform overdue

Financial services is full of anachronisms and anomalies but the way the Financial Services Compensation Scheme’s boundaries are drawn surely ranks near the top. Frustration among brokers reached boiling point in recent months after it was announced the FSCS levy for the life and pensions sector had trebled from £33m to £100m in the current […]

Accord

Accord tightens buy-to-let rental cover calculation

Accord has tightened its buy-to-let rental cover calculation. The lender has increased its rental calculation interest rate from 125 per cent at 5 per cent to 125 per cent at 5.24 per cent.  This means landlords must charge more in rent to meet the lender’s requirements or raise a bigger deposit. For example, on a […]

Sprouting-Money-Growth-Emerging-Currency-700.jpg

Life premiums ‘to reach £198bn by 2019′

UK life premiums will grow by almost £30bn over the next four years, according to figures from EY’s ITEM club. The growth would represent an increase of 16 per cent on 2015’s predicted total of £170.9bn, and bring the UK industry to £197.6bn. EY says that growth of 3.8 per cent in 2014 will slowly […]

HM-Treasury-700.png
1

Govt unveils major advice review

The Treasury and the FCA are to carry out a major review into financial advice to establish how the market can function better for consumers. The review will be supported by an advisory panel led by Scottish Widows chair Nick Prettejohn and will look at efforts to bridge the advice gap and the obstacles preventing […]

Thumbnail

Employer iPMI responsibilities could continue to escalate, says Jelf

New laws in Dubai will put the burden of providing international private medical insurance (iPMI) firmly on the shoulders of the employer in order to maintain the country’s leading healthcare facilities. With 10,000 UK nationals having moved to the country since 2007 and only 16.5 per cent of the total 8.2 million people living there being Emiratis, Jelf Employee Benefits believes this move was inevitable and employer responsibilities could continue to escalate in future.

Newsletter

News and expert analysis straight to your inbox

Sign up