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Loanbook sales to grow

One of the pioneers of correspondent lending GMAC-RFC predicts that the sale of mortgage books is set to grow.

It says this market is becoming particularly appealing to small building societies and lenders which can use it to increase their assets without adding infrastructure.

Mortgages plc has just completed its first £50m sale of mortgage assets to Derbyshire Home Loans, a subsidiary of Derbyshire Building Society. Mortgages plc says this will be the first of many such deals.

Sub-prime lender Preferred Mortgages has made a deal with CS Portfolio Services to expand this channel. Preferred has already sold over £1bn in non-conforming mortgage portfolios through securitisation and whole loan sales.

GMAC-RFC commercial director Barry Searle says: “We were the first lender to sell on mortgage books and since then others have started to do the same thing.”


Equity-release business booms

Equity-release lending shot up by 121 per cent in the first half of this year compared with 2002. The figures from the Council of Mortgage Lenders, based on returns from 21 lenders active in the equity release market, show that £498m was borrowed by older homeowners in equity-release mortgages – more than double the total […]

Co-operate to save the industry

I have recently started to question our future in relation to the increasing costs and the ability to obtain cover. If Inter-Alliance, RJ Temple, Millfield and Lamensdorf have closed or are losing money because of the downturn in the market and increasing procurement costs, what hope does that leave for the small and medium-size IFAs? […]

Kingsbridge set to sell its last two IFA firms

IFA group Kingsbridge Holdings is in talks to sell its two remaining IFA subsidiaries, Benson McGarvey and Kingsbridge Advisers. Nottingham-based Benson McGarvey managing director Peter McGarvey is pursuing an MBO, which has six RIs. McGarvey has resigned as a Kingsbridge director. Kingsbridge Holdings says it is in talks that may lead to the sale of […]

Purchase lending recovers as multiples rise

The Council of Mortgage Lenders says mortgage lending saw another big rise in July with gross advances totalling £25bn, 12 per cent higher than in June. The CML says there appears to be signs of recovery in lending for house purchase, which reached its highest since August last year. It totalled £11.6bn in July from […]


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