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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.”

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