View more on these topics stops lending for 12 months

calendar will not return to lending within the next 12 months, according to the firm’s relaunched website.

The firm’s website was down for maintenance from Monday to Friday last week, but the new website says:

“We don’t want to get people’s hopes up, it is highly unlikely that this site will return to lending within the next 12 months.

“We don’t want to work with other investors and are don’t want to raise finance on the markets. We had a set amount to lend at the start have applications for about 10 times that amount[sic].”

Last month the firm said it would delay lending for three months due to a “severe backlog” of consumer interest.

The company has capacity for 250-300 mortgages.

It offered a tracker loan set at 2 per cent above base rate and will lend up to £500,000 at 85 per cent loan-to-value with fees of around £600.

The firm has also rebuffed suggestions that the Mortgage Credit Directive’s incoming rules on creditworthiness are at odds with its business model.

Founder Graeme Wingate says that the wording of the MCD and the European Banking Authority’s guidelines on creditworthiness are vague and that can continue operating under them.



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