View more on these topics

IFAs&#39 anger at HBOS rethink over BTL

HBOS&#39 restriction on the number of buy-to-let properties that an investor may hold in his portfolio has angered brokers.

Residential property investors were previously able to have a maximum of 45 properties in their portfolios across the group, with 25 properties resting with BM Solutions, 10 pro-perties with The Mortgage Business and 10 with Bank of Scotland.

HBOS has now reduced this number to 10 prop-erties across the whole group, a move which has angered brokers, who say it is unsatisfactory.

They say it means HBOS is looking at buy to let from a group perspective rather than from the perspective of its five brands, as it felt it had too much exposure to the buy-to-let market.

Savills Private Finance associate director Simon Jones says: “This is quite unsatisfactory and has left a bad taste in our mouths. HBOS&#39 multi-branded app-roach seems to have gone against it in the buy-tolet sector, which it now seems to be looking at on a group basis.”

Halifax spokesman Paul Fincham says: “You would expect a multi-branded lender to have sense checks in place – this is helping borrowers grow their buy-to-let interests in a prudent way.”

Recommended

Abbey loan chief goes to Lighthouse

Lighthouse has poached the head of Abbey&#39s newly relaunched mortgage club, Mark Evans, to head its new mortgage offering Lighthouse Loans. Lighthouse&#39s move into the mortgage market will white-label Abbey&#39s The Mortgage Alliance as Lighthouse Loans. It plans to roll out the offering to its advisers first, 160 of whom are qualified mortgage brokers. It […]

Platform bidding to build up its remortgage sales

Platform is increasing its focus on remortgaging with a new range of products. The intermediary lending arm of Britannia Building Society has widened its criteria on remortgages and is now accepting unlimited capital-raising for any purpose up to the loan-to-value scheme limits across its entire range, which includes prime, buy to let, self-certification and sub-prime […]

Prestbury predicts industry staff to fall by 40-50% in 2004

Prestbury Financial is predicting a 40-50 per cent reduction in the headcount in the financial services industry by the end of the year due to a big number of mortgage and protection brokers disappearing from the market. Prestbury believes these changes will allow major consolidation in the sector and it wants appointed representatives of its […]

FSA endowment complaints crackdown as waivers end

The FSA says it will come down hard on life companies which do not reduce backlogs of mortgage endowment complaints, threatening fines for breaching complaint handling rules. In a letter to life office chief executives, the FSA warns that, from May 1, firms should be clearing complaints in line with its rules. The move comes […]

Artemis Global Income: favouring Europe over the US

With a 10 per cent return from his Global Income Fund in the first three months of 2015, Jacob de Tusch-Lec talks to journalist Alexis Xydias about the drivers and why he favours Europe and Asia over the US. Jacob believes European companies remain cheap and is still finding opportunities amid value stocks – in contrast […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment