Non-status lender set to attack mainstream

Article Abstract:

Kensington Mortgage is looking to expand and is contemplating tapping the mainstream mortgage sector in a move which indicates a degree of fluidity within the market. Kensington sells mortgages exclusively via intermediaries and is % owned by US-based lender, Ocwen. The leading UK-based non-status lender's executive chairman, Martin Finegold, hinted at the start of July 1998 that such a move would not impinge on mainstream lenders. However, Council of Mortgage Lenders director-general, Michael Coogan, expressed concern over the impact the so-called impaired lending sector will have on the traditional mortgage market.

Comment:

Seeks to expand & contemplates tapping mainstream mortgage sector in a move which indicates a degree of mkt fluidity

Kensington Mortgage Company

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Societies 'exploiting' loyalty

Article Abstract:

UK mortgage lenders are playing on the loyalty of borrowers in order to attract new borrowers with far lower rates, Moneyfacts claimed in May 1998. The financial information business believed that not many lenders are advocating the loyalty of current borrowers, with even the 8.25% rate offered to borrowers of two-years standing by Bradford & Bingley Building Society providing a saving of just 0.2% on the standard variable rate. In response, the Council of Mortgage Lenders noted that existing borrowers would have been boosted by low rates previously.

Comment:

UK; Mortgage lenders are playing on the loyalty of borrowers in order to attract new borrowers with far lower rates

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