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MM leader: Welcome entrants

With the FTSE 100 nosediving in recent weeks and continued concern about the future of the eurozone, good news is currently thin on the ground.

So against this backdrop, the entrance this week of two new intermediary-only mortgage lenders is to be welcomed.

Aldermore is offering residential and buy-to-let mortgages with loans based on retail deposits while Precise Mortgages is offering a buy-to-let range based on wholesale-funding. Kensington has recently returned with a new buy-to-let range.

This spurt of activity does not signal a market-turnround but it is very encouraging to see lenders finding the necessary funding and believing the time is right to launch. Let us hope that more broker-friendly lenders will follow in their footsteps.

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