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Malone set for Bank of England meeting to seek assistance for specialist lenders

Premier Mortgage Service managing director John Malone will be attending a meeting at the Bank of England this month in a bid to persuade the BoE to help specialist lenders.

Malone says he has arranged the meeting with the BoE, due to take place at the end of July, in order to lobby on behalf of the specialist lending market.

He says: “I am hoping to influence the Bank of England and let them know that the UK mortgage market cannot afford to lose some of the specialist lenders. We need to explain what the merits of this market are to them.”

The BoE’s special liquidity scheme, which was launched earlier this year, excluded specialist lenders.

Malone has also warned that many key lenders have underestimated the level of business they will retain this year, which could cause further problems in the second half of the year.

He says: “Some of the money that had been allocated for new lending in the second half of this year will have to be pulled back as a result. This is going to cause problems for the market. A lot of lenders have probably lent a bit too much in the first six months of the year and they are now starting to pull back.”

Malone says net lending is likely to be just £45bn to £50bn this year compared with £108bn last year.

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