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Buy to let is difference as C&G loan share sags while

Cheltenham & Gloucester has lost market share while lending at Bradford & Bingley continues to grow strongly as a result of the lenders&#39 differing attitudes to buy-to-let business.

Lloyds TSB&#39s trading update reveals that C&G&#39s market share of net new lending in the third quarter of this year has softened due to continued avoidance of the buy-to-let, sub-prime and

self-certification mortgage markets.

But B&B&#39s pre-close briefing reveals that new lending has been growing strongly while credit quality remains good across all its loan books. The figures up to June show that buy to let accounted for 35 per cent of its lending.

Brokers say the way for lenders to increase their market share is to do well in mainstream lending while also specialising in a niche area.

Mortgageforce managing director Rob Clifford says: “If a lender decides to remove itself from the very fruitful niche areas of buy to let and self-cert it will be left in the vanilla mainstream mortgage market and will have to compete with lenders like Abbey and HBOS.

Some might say that buy to let is actually performing better than residential – it is certainly a very big niche.”


PI is still half-baked

It was with interest that I read Keith Lewis&#39s letter (MoneyMarketing, November 6) and the responses from Glyn Morris of Magian and Fergus Chappel of Collegiate (Money Marketing, November 20). My case is very similar to Keith&#39s. Even though I say it myself, I am totally “clean” and have been in financial services for 44 […]

Leitch retires from Zurich

Sandy Letich is retiring as cheif executive officer of the Zurich Financial Services UKISA/ Asia Business division after 33 years with the group.

Sipps and buy to let set for a boost from pension freedom

Self-invested pensions are set for a major boost after the pre-Budget report cleared the way for Sipps to invest in residential property. The buy-to-let sector will also be buoyed by new Inland Revenue rules that will allow pension schemes to invest in all types ofinvestments, including residential property. Under current rules, borrowing of 75 per […]

Investec extends commission offer

Investec is continuing to pay 4 per cent upfront commission on its cautious managed fund for another year. The fund has almost tripled its assets under management this year, rising to £125m from £45m in January. Inflows from retail intermediaries accounted for more than 30 per cent of this, prompting Investec to extend the offer. […]

Harris Associates' view on the UK’s vote to leave the EU

By David Herro, Partner, Deputy Chairman, Portfolio Manager and Chief Investment Officer of International Equity at Harris Associates Britain’s vote to exit the European Union has led to significant uncertainty across global markets. We believe market impact of this uncertainty, though severe, is more of a shorter-term phenomenon which will provide an opportunity for long-term […]


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