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PrecIse mortgAges This classmate’s management team is made up of a fine set of alumni from across the mortgage market. It possesses all of the credentials to perform well in the curriculum ahead. Service standards and its technology pieces are predictably strong and it is only being inhibited at present (like many other specialist lenders) by an unwillingness to advance too far up the risk curve until market conditions are more predictable and the funding freeze has begun to thaw. Grade: B –
Q QuAlIty
This has been the defining characteristic of the classroom this year. All lenders are cherry-picking quality customers with low risk profiles. But there are hundreds of thousands of quality borrowers who are still standing out in the mortgage cold. Lenders could do more to offer finance to these people. Grade: D
R
the rocK An excellent approach to affordability assessment and a proven appetite in the
34 mortgage introducer JUNE 2011
sPeArheAd (lloyds tsb’s scottIsh-bAsed busIness) Formerly a modest and understated class member. It is pleasing to see a significant improvement in this one’s self-confidence and appetite to develop wider connections. Its competency in areas such as medium and high net worth lending stands out and its speed
the mortgAge worKs Nationwide’s little brother continues to punch well above its weight and is arguably now the school’s foremost buy-to-let operator. There are no material weaknesses in any part of its proposition and features such as no
sKIPton
Possibly the fastest improving class member with a compelling product range at present and a constructive approach to underwriting. At this rate of development it will push Abbey and Godiva hard for honours in the year end reports.
Grade: B+
high LTV sector marks this lender out as one to watch over the remainder of the year and into 2012. Northern Rock is also an extremely responsive member of the class that listens carefully to broker feedback as evidenced via its recent broker feedback activity. Uncertainties will continue to exist regarding its parentage but it is clearly looking to increase its scale and the hope is that even if it does undergo a change in domestic surroundings it can continue to be an active and vibrant member of the class with a market share approaching 9%. Grade: B-
S
teAchers buIldIng socIety
Another class newcomer which has turned its back on dual pricing and is now looking to promote itself via intermediaries and not purely for young teachers needing mortgage advice. A great track record for lending at high LTVs will serve it well. Too early to provide a grade at this stage until the width of its distribution becomes evident and its offering is put under intermediary examination. Grade: Pending
of response also marks it down as one to watch over the remainder of the year. Grade: B+
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