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Infinity Mortgages to return to the sub-prime market tomorrow

Infinity Mortgages have confirmed it will be returning to the lending market tomorrow after it temporarily withdrew from the sub-prime market at the beginning of August.

The lender has confirmed it has retained Investec as the provider of its funding line and says that it will have details of the new product range live on its website from tomorrow.

Infinity head of marketing Simon Biddle says that the range will reflect the current market conditions and has compressed its loan to values in its wider adverse range.

Biddle would not comment on how much funding it has secured from Investec but says that it will definitely keep them going for sometime.

The lender has also recently launched a new packaging arm, Infocus Mortgage Packaging which Biddle says has been going well.

“We’ve got a few more exciting initiatives down the line but I won’t be saying any more on that for the time being as the ink isn’t dry.”

Chief executive Matt Gilmour says: “Contrary to widespread speculation, we are back. I am delighted to announce that we have secured funding for a new product range. The past few weeks have been incredibly difficult and I thank our loyal customers for their messages of support.”

He adds: “There remains little sign of the global financial markets returning to normality. As a lending community we need to be very careful in the short to medium term to ensure that business written remains attractive to capital markets investors given experiences in the US.”

After admitting that it had to withdraw from the market in August due to the turmoil in the money markets, Infinity has lost 24 members of its staff.


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