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Protests as £50bn rescue freezes out the specialist lenders

The Council of Mortgage Lenders, the Intermediary Mortgage Lenders’ Association and mortgage brokers have slammed the Government for excluding specialist lenders from its £50bn rescue package.

The Bank of England scheme, announced this week, excludes specialist lenders and smaller building societies from getting access to the extra liquidity.

Brentchase Financial Services mortgage specialist Mike Fitzgerald says: “I do not think the Government appreciates the true role of spec-ialist lenders in the mortgage market. Those type of lenders are responsible for a lot of lending and have given a lot of help to people.”

Last week, New Star chief economist Simon Ward pointed out that £81bn of last year’s £108bn of UK net mortgage lending was funded by specialist lenders.

Imla executive director Peter Williams says: “It is important that specialist lenders, along with banks and building societies, with AAArated mortgage-backed assets will be able to swap them against Government securities. That does mean that the facility will be relatively restrictive and that lenders with non-prime packaged assets will not be able to tap this source of funding.”


LV= says ‘friendly’ rebrand is a success

LV= group chief executive Mike Rogers believes the company’s rebrand has been successful in moving it away from a “stuffy” corporate image back to its friendly society roots.

When will these Windsor woes cease?

Windsor Life has once again come under fire for poor service after a request for information by the daughter of a deceased policyholder went unanswered for two months.

Great expectations for Japan

By James Dowey, Chief Economist and CIO Turnaround stories are an investor’s best friend. If successful, they prompt a widespread and possibly radical re-evaluation of the fair value of the associated assets. If one is brave enough to re-evaluate early on in the process then the returns can be very large. For over two decades […]


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