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Mortgages plc in adverse rethink

Mortgages plc has suspended all its heavy and unlimited adverse products in its latest criteria change. It will also be reducing maximum loan to value on its medium adverse range from 85 per cent to 80 per cent and maximum LTVs on its light adverse from 85 per cent to 90 per cent.

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Tripartite failed first big test, says CBI

The tripartite arrangement between the Bank of England, the FSA and the Treasury that was designed to maintain financial stability failed its first big test, according to the CBI.

Florida focus for fund

Ascent Fund Managers is introducing a fund that will invest in residential property on Florida’s Gulf Coast.The company is seeking to raise 15m for the Ascent 07 Florida property fund.With up to 70 per cent gearing, Ascent will aim to create a 50m fund to acquire resort-style, amenityrich second homes and principal residences.The objective of […]

Management needed policy for disaster recovery

Leading mortgage brokers say Northern Rock’s management must take responsibility for the narrowness of its funding policy and for failing to have a disaster recovery plan.At the round table debate, Robert Sterling managing director Kevin Duffy said the firm must take responsibility for its problems, noting this warning comes from the intermediary market where Northern […]

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