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Victoria Mortgages to complete buyer talks today

Victoria Mortgage’s administrator KPMG says that it is likely to be able to confirm a buyer for the lender today at the earliest.

There have been suggestions in the market that Victoria will be snapped up despite annoucing that it was entering administration last month.

KPMG says that is is still talking to a number of interested parties with settlement expected to happen before the start of next week.

Sources in the market have suggested that Credit Suisse could be an interested party but that has been dismissed by the bank.

Meanwhile, former GMAC-RFC chairman Stephen Knight says that his new lending venture with Martin Finegold, Checkmate Mortgages, is interested in acquisitions although he claims that as far as he is aware there are no lenders for sale at the moment.

However Knight says that he welcomes potential vendors to contact him.


Advantage to cull 90 jobs as Morgan Stanley makes 600 redundancies worldwide

US banking firm Morgan Stanley has felt the effects of the credit crunch as it confirmed it would be making 600 staff redundant, with 90 job losses in the UK.The 90 job redundancies will related to its UK subsidiary Advantage.Morgan Stanley’s restructuring will see it combine its three US mortgage units into one and close […]

£30M a year lifeboat fund to bail out pensions

Victims of collapsed pension schemes would get compensation within three months of the Tories returning to power.At the Tory conference in Blackpool this week, Shadow Work and Pensions Secretary Chris Grayling promised to set up a £30m a year lifeboat fund to help the estimated 125,000 pensioners affected since 1997 after their schemes collapsed.Grayling said […]

Tories propose IHT threshold as £1m

The Conservative party has pledged to raise the inheritance tax threshold to £1m in a bid to free middle England from the death tax.

IFAs are not the ones creating distrust

I feel that you have been too kind on the regulator, the Bank of England and the Treasury over the Northern Rock affair. I have no issue with what they have done, nor the Northern Rock management for providing innovative mortgage solutions to the UK market. I can remember having to plead with my bank […]


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