An industry source contacted Mortgage Introducer amid industry rumour that Mortgage Times was on the verge of launching a lender. He said: “There has, and will continue to be, a growth in the area of niche lending due to the increasingly different consumer circumstances and word has it that Mortgage Times will be moving into this arena very shortly.”
Christopher May, director at The Mortgage Times Group, explained it was looking at the possibility but no firm plans were in place. He said: “There have been some big global investment banks circling but no decision has been made and there are no immediate plans for such a launch. But that’s not to say we haven’t explored the possibilities fully and haven’t ruled it out in the long-term.”
Thomas Reeh, chief executive of blackandwhite.co.uk, said: “Lending in general has to be very well-funded and it will need the backing of a big balance sheet but, if it happens, I wish it well.”
New lenders have been prevalent within the industry recently, notably Victoria Mortgages, Beacon Homeloans, Unity Homeloans Limited and Derbyshire’s non-conforming lending brand Salt. In an interview with MI, Nigel Stockton, director of HBOS intermediary mortgages, speculated that in 2006 Alliance & Leicester (A&L) and Cheltenham & Gloucester (C&G) would enter the non-conforming market.
Sally Lauder, press manager at A&L, denied the claims. She said: “We have no definite plans to enter the non-conforming sector; however, like any major lender, we keep a watching brief on all new markets.”
