View more on these topics

GE Capital could lose £759m in UK mortgage market

GE Capital chiefs admitted the lender could lose as much as £759m ($1.1bn) in the UK mortgage market over 2009.

At its investor conference in New York yesterday, the Wall Street Journal reported that executives admitted that they expect £385m ($558m) in credit losses this year from its U.K. mortgage business, GE Money Home Capital.

The WSJ says executives predicted that under a worst-case scenario, where U.K. GDP and unemployment turn more negative, 2009 losses could widen to £759m ($1.1bn).

The company stressed that the UK mortgage industry isn’t comparable to the US, so delinquencies here will be much lower for the lender. But it did predict that for the 2009 to 2010 period, GE expects the UK delinquency rate to creep up between 3 and 5 per cent.


Treasury looks to address advice gap

By Jamie Clark, Business Development Manager, Royal London Hot on the heels of consultations on tax relief and pension transfers and early-exit charges comes a new investigation into the advice gap, and how this can be bridged. Ever since the new pensions freedoms were introduced, concerns have been raised about how people can get access […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment