Wednesday, February 20, 2008
Lenders in a tailspin
A mortgage advisor writes: "Just to add to an absolutely horrific day.. I'm sick of it, every day I get a redundancy email, a lenders gone bust email, or we are not doing high LTV/self certs/BTL's anymore email. Makes my job an absolute nightmare. If lenders retract much further we will only be lending to super clean prime full status clients and there will be a lot of people looking to rent!" In the past day: Alliance and Leicester and Abbey pull all their 100%+ LTV deals, followed shortly afterwards by Coventry and B&M, leaving only NR. Picture Loans closes to new business ("temporarily") LMS mortgage packagers goes into receivership And Platform mortgages, the sub-prime arm of Britannia, sacks 20% of its workforce.