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  • Mortgages & Finance

    Bank announces end to new mortgage lending

    The Fleet announcement was indeed a surprise, as it seems they didn't plan to sell out of funds so soon.   

    They have not gone bust though and in fact the press release today actually says "A broker note issued by the BTL specialist lender states: “We have recently completed £400m of mortgage loans with one of the world’s largest asset managers.  “Due to the launch of our new products in December this tranche of funding was filled much quicker than we initially anticipated. We have therefore had to pull the current product range while we wait for the next funding line to be made available.  “We will keep you fully informed as to when the new product range will be launched.”  Mortgage Strategy understands that Fleet anticipates securing a new funding line soon, and that a new product range will be launched before the end of January."    source


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    Magellan Home loans have ceased lending .They can not compete in the current environment of lenders slashing margins and  taking on increased risk.

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    Yes, very sad for the employees who only found out about it when the press release was published yesterday morning.

    The announcement is that all Mortgage Offers issued already will be honoured, all completed deals are ok (but no variations or further advances will be considered) .... BUT that all applications in pipeline which are not yet Offered will be cancelled.

    I have some portfolio deals in pipeline at the moment and have been given confirmation that I have an extension until 31st March to get them Offered.

    If anyone on PT needs help with their Magellan applications, or if you wish to switch to another lender (in which case I can get your fees that you have already paid to Magellan, refunded), call us at https://www.PropertyTribesFinancialServices.com now (urgently).


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    FOR INDEPENDENT MORTGAGE AND INSURANCE ADVICE

    PROPERTY TRIBES FINANCIAL SERVICES

    http://www.propertytribesfinancialservices.com

    http://www.propertytribesfinancialservic...contact-us

    CONTACT US FOR LIFE INSURANCE QUOTES AND STRATEGIES.  PORTFOLIO MORTGAGES (VARYING TERMS) COVERED

    http://www.propertytribesfinancialservi...statement/