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FSA turns down three out of five lenders

The FSA has revealed that only two out of five mortgage lenders who have applied for permission over the last 12 months have been successful.

Responding to a Freedom of Information request by Money Marketing, the regulator revealed that only two bridging loan firms, Wey Bridging and SML Homes, have been given permission to lend.

Of the other three, two withdrew their applications before the FSA could make a decision and one is still “under consideration”. The FSA could not reveal the names due to privacy laws.

Checkmate Mortgages says it is yet to apply for FSA authorisation. Executive chairman Stephen Knight says: “I cannot give a launch date yet. We are talking to the FSA but until we secure funding ourselves there is no point in getting permission.”

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