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A&L to take on BM and NR as lending levels disappoint

Alliance & Leicester is to launch a combined mortgage and secured loan, similar to Northern Rock’s and BM Solutions’ current offerings.

A&L’s Plus Mortgage will be launched in the second quarter of this year.

The announcement comes as the lender reported disappointing growth in gross mortgage lending in 2006 which increased by 13.5 per cent over the year to £12.6bn, though this was well below the market average growth rate of 20 per cent.

A&L director of mortgages Stephen Leonard says: “Following a strong net lending performance in 2006 we will continue to develop our mortgage business. We have seen strong growth in our specialist mortgage area with the launch of buy-to-let, self cert and non prime in 2006. In Quarter 2 this year we will further extend our range with the launch of Plus Mortgage.

“We intend to be a major player in this market. This is part of our overall strategy to provide brokers with a strong portfolio of products right across the mortgage market.”


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Repossessions Julien Holmes, managing director of Crown Mortgage Management, looks at the prospects of securitisation shock for some lenders

FSA fines Regency for income withdrawal failings

The FSA has fined Regency Investment Services £14,000 for not obtaining enough personal and financial information from customers with small pension pots before advising them on income withdrawal.The regulator says between January 2003 and March 2006 Regency failed to record enough information about customers to justify recommending income withdrawal and therefore could not demonstrate the […]

Fears over automated valuations

Fitch Ratings is concerned that some lenders could be relying too much on automated valuation models, which could lead to errors.The firm has warned lenders to be careful when using AVMs to ensure that systems are in place to prevent mistakes, particularly for complicated non-conforming cases rather than prime mortgages.BM Solutions, GMAC-RFC and Edeus use […]

Firms will save £1m a year with a single approved persons function, says FSA

The FSA says firms will save a combined £1m a year by merging its customer functions in the approved persons regime into a new single category. The move follows strong support from the industry for the proposal and will become effective on November 1 this year, alongside the other handbook changes relating to Mifid. It […]

Trusts and Taxations

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