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Halifax using Midshires for sub-prime launch

Halifax is set to enter the sub-prime market this year through specialist lending arm Birmingham Mid-shires in a move it claims will “shake up” the mortgage market.

Midshires head of lending Michael Bolton says it will launch into the adv-erse-credit sector in the autumn with a range of products which will “redefine the pricing structure of the market”.

The move follows in the footsteps of Britannia Buil-ding Society, which rec-ently bought sub-prime lender Platform Home Loans in a £55m deal.

The Halifax brand will appear prominently on Midshires&#39 marketing literature, signaling a further shift in major lenders&#39 attitude towards the sub-prime sector.

Traditionally, mainstream providers have been keen to distance themselves from adverse-credit lending amid fears over unscrupulous lending practices.

A Halifax spokesman says: “As BM is the specialist lending arm of Halifax, it is a natural progression for it to offer good value and go out and shake up the market.”


Sun Bank gets the five-year fix itch

Sun Bank, the mortgage arm of Sun Life Financial of Canada, has brought in the five-year fixed rate mortgage.The mortgage has a fixed rate of 5.74 per cent for loans up to 75 per cent of valuation until September 1, 2006 and is aimed at both first time buyers and people looking to remortgage. After […]

Offices withdraw IFA guidance on contracting out

Life offices are withdrawing their contracting out recommendation templates after recent changes to rebate levels have made the decision too close to call. The move leaves IFAs with nowhere to turn for guidance as they wrestle with the marginal differences between Serps and contracting out before making a recommendation. Until recently, most life offices provided […]

Brave new world of LibDems

I have to say that I have been sitting on the fence as far as the general election is concerned. I am overcome with disillusionment with New Labour&#39s first term and its many empty policies. Its “Ambitions for Britain”, while attractive, still ring hollow. As to whether the Tories are strong enough to carry through […]

Second time around

Second-charge loans are growing rapidly in popularity. Many mortgage advisers are finding that the second charge route is more favourable for their clients when compared with remortgaging or a further advance on their existing home loan – or even a personal loan. In the past, there has been a general lack of understanding and misconceptions […]

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Considerations for overseas workers in Germany

With Germany’s strong economic growth leading the eurozone’s recovery, many UK businesses are keen to be part of the success story: recent data shows that there are currently more than 280,000* employees working for a UK-controlled company in the country.


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