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GEMHL reduces intermediary distribution

GE Money Home Lending has cut the number of intermediaries that can access its mortgage products.

The lender says in light of continuing economic downturn, it has had to cut the number of IFAs and brokers thast can access its products to “tightly control” its proposition.

A spokesman for GEMHL says: “The economic environment remains challenging for borrowers, intermediaries and lenders and is likely to be for the foreseeable future.

“As a result, we have decided to reduce the number of intermediaries we work with, as well as making some changes to our product criteria – reflecting the need to maintain a tightly-controlled, prudent range of products in the light of difficult economic conditions.

“It is never easy to make these sort of changes, but in the light of the unfolding economic conditions, we believe they are necessary. Our key focus will now be on continuing to help and support our intermediary partners.”

more to follow….

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