Cover
and their respective models do offer several genuine enhancements to all those swallowed up. Choice however, still lies at the heart of our cottage industry and for many, knocking around in an independent world with the welterweights still has its attractions, not least of which is the ability to throw and roll with your own punches. Lenders have also been very supportive at the lower divisions. Grade: B
“Product availability has trebled in three years and headline rates have dropped 1% in the past 12 months”
K IS FOR KENSINGTON
L IS FOR LANDLORDS
its resilience and in certain product design realms it has even been imaginative. It’s underpinned by greater consumer trust of the brands than in plc world and the intermediary-friendly efforts of smaller societies this year including Newbury, Saffron, Principality and Bath are just as noteworthy as those of Nationwide and Yorkshire. Grade: B
N IS FOR NATIONWIDE
Did you know that 71% of its business
The Springboks’ world cup team lacked flair and invention but the same cannot be said for South African parented lender Kensington. High LTV products in the autumn (however fleeting) were a brave and welcome move and the underwriting of the self-employed in particular is first class. Grade: B
What a great time to be one. Product availability has trebled in three years and headline rates have dropped 1% in the past 12 months. Even arrears performance (notwithstanding some LLP / forbearance manipulation) stands under 2%. This is going to be an increasingly crowded track next year as many of the smaller lenders and societies chase margins here which are simply an illusion in the mainstream world. Keeping buy-to-let unregulated is something the industry should keep lobbying Europe for. Grade: B+
M IS FOR MUTUALS
K is also for Kent Reliance now merged into a partly private equity owned OneSavings Bank. What a soap opera- esqe life it’s had this last year culminating in the recent appointment of rival society boss Andy Golding. What isn’t in doubt has been its support for intermediaries and the 85% LTV on buy-to-let is a stand-out proposition. Bound to flower in 2012. Grade: B
What a great start for this bridging lender. Financial Secretary to the Treasury Mark
Hoban recently challenged mutuals to do more without realising that the authorities he works with have been tying societies’ hands behind their backs for some years now. The building society model is proving
30 mortgage introducer DECEMBER 2011
The words bridging sector and short-term lending specialists may possibly be in need of more transparent definition but I hope that given the shot in the arm that lenders such as Omni and Precise Mortgages have provided the industry with this year. I’d encouraged these players to graduate onwards. Grade: B
comes from brokers? Its fortunes are on the up and dating back to getting over the mild indigestion of its recent acquisition work and ditching sponsorship of the England Football team. Some real navel-gazing clearly went into Nationwide’s partial repeal of its policy on new builds and the valuation thereof and its work on shared equity ownership has won it many plaudits with brokers who don’t fish for business in the more lucrative and high net worth areas of the UK. It should once again get above £11bn of lending (The Mortgage Works combined) in 2012 and I’ve no doubt that it’ll perform far better than Capello. They’re on our side, so I guess we’re on theirs. Grade: B+
O IS FOR OMNI CAPITAL
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