Jump to content
House Price Crash Forum
Sign in to follow this  
Peter & The Wolf

Skipton B.s. Getting Cold Feet

Recommended Posts

http://www.mortgagesolutions-online.com/pu...tml?page=725042

Amber pulls out of new lending

Amber Homeloans has revealed it has withdrawn from new lending.

The firm said it will now concentrate its efforts on managing the company’s existing portfolio of loans.

It pledged to honour all of its pipeline business and notify brokers of the withdrawal of its products along with notice of when final applications will be accepted. The business will then concentrate on administering its existing loans, led by Paul Gittins who is currently finance director.

Gordon Jolly, managing director of Amber, said: “Many of the ways in which we temper our level of risk are currently closed to us, such as securitisation and asset trading, and so we have decided it is time to pause for breath and wait until the market returns to more normal conditions.”

Mike Perry, associate director of sales and marketing at Amber, emphasised the firm will still exist to manage the back book.

The firm said there will be opportunities for the majority of affected staff to take up positions with other subsidiaries of the Skipton Building Society Group or the society itself. Jolly will be taking a role on Skipton’s operational board as general manager responsible for the Society’s credit and lending function.

Around 27 members of staff have now entered into a 30 day consultation period.

Share this post


Link to post
Share on other sites

If I were in the shy business I would not want to be loaning money into this market either. With a crash 100% certain and guaranteed a bank should want at least 50% downpayment. As of now they are apparently seeking at least 10% down which suggests they foresee a mild correction of like amount.

Share this post


Link to post
Share on other sites
Amber Homeloans has revealed it has withdrawn from new lending.

The firm said it will now concentrate its efforts on managing the company’s existing portfolio of loans.

Here come the price rises.

What's in the fishing net ?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 294 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.