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First National caps 1st mortgage range of products at 95 per cent

GE Money Home Lending has taken the decision to cap its First National 1st mortgage range of products at 95 per cent LTV as a result of the turbulent market conditions.

It has also tightened its criteria over 90 per cent LTV and limit 2nd charge LTV to 90 per cent.

The changes will be effective from August 20 and apply to packaged cases submitted after September 7 for first mortgages and from August 24 for seconds.

GE Money Home Lending head of mortgage sales Duncan Berry says: “It is clearly a turbulent time in the market and we expect smaller lenders will find the coming months a struggle, with many lenders withdrawing products, reviewing pricing and tightening criteria.”

“For GE Money Home Lending being a balance sheet lender does have some benefits… we are not as directly exposed to current market conditions as some and have excellent visibility of the profile and performance of our portfolio.

Berry adds: “With a tightening housing market and affordability pressure building, we would expect other lenders to follow in reviewing their criteria to ensure they are lending prudently and, most importantly, that their products are designed to be suitable and affordable for customers.”


Infinity mortgages postpones market re-entry

Investec-backed Infinity Mortgages has postponed the launch of its new product range, suspended offer production and announced it is unable to commit to funding applications not offered.The lender has previously told the market it would be launching its new range this week, after withdrawing its sub-prime range on August 17 due to the recent market […]

Captain of industry

Anand Associates managing director Bhupinder Anand has been named captain of the practice management focus sessions at the 2008 Million Dollar Round Table annual meeting in Toronto.The MDRT has over 35,000 members globally and meets once a year to discuss issues affecting the industry.As the only British captain of a focus group, Anand has to […]

Newcastle Building Society launches offset product with Praxis

Newcastle Building Society has linked up with Praxis in order to launch into the sub-prime market with an offset mortgage for the near prime market.The borrowing criteria includes unlimited defaults but no mortgage or rent arrears or CCJs or IVAs in the last 12 months.The initial interest rate is 1 per cent above Bank of […]

Suitors are lining up for Burns-Anderson

Burns-Anderson is understood to have had several approa-ches for the business.Falcon Group, IN Partnership and The Money Portal are all tipped as the most likely suitors for B-A, which is considering a trade sale or seeking an external cash injection.B-A chief executive Mike Hughes says: “Providers want scale and although a decent size, we are […]

The future of active management is now

Fees under pressure. Regulatory moves against closet indexers. Rapid advances in financial technology. Shifting sentiment among investors. Such mounting challenges have led to widespread speculation about active management’s shrinking future. But a closer look inside intelligent portfolio construction today tells a story of expanding roles, added value, and innovative risk-adjusted, lower-cost solutions. Four investment experts […]


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