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Now Amber is pulling out of new lending
UK007BullDog
Posts: 2,607 Forumite
Amber Homeloans has revealed it has withdrawn from new lending.
The firm said it will now concentrate its efforts on managing the company’s existing portfolio of loans.
Here: http://www.mortgagesolutions-online.com/public/showPage.html?page=725042
Here: http://www.mortgagesolutions-online.com/public/showPage.html?page=725042
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Comments
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You just got the email too did you?
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
More packager redundancies too.0
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Had a visit from my GMAC BDM today, he's currently retraining as a plumber!0
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There are way too many people in this industry having be attracted by the scent of easy money and the property boom.
I envisage a deep culling now.0 -
BTW Amber is a wholly owned subsidiary of the Skipton Building Society.A lot of people seem to think the building societies are not exposed to sub prime mortgages, and thus safer than the banks.
That's not so. However because they are mutually owned, not listed companies, they don't have to reveal their financial condition to the public.Which is not to say that they are in trouble: just that the idea they are squeaky clean and not involved in the securitisation/credit crunch mess is wrong.Trying to keep it simple...0 -
Yup and a lot of people going sideways, but with the many staff getting the shove from the lenders who might go into broking....... Will be interesting to see what happens.
Lots of brokers hiring though but mostly self employed..... no risk to them.
Yeah got the email and put it straight on here. Just to warn people who have an Amber deal going to get their skates on to push it through asap.0 -
very depressing all this isnt it? how many more do you think will go down before we see better times? We should have a bet on which lenders going next.
My bet is Future.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yeah sounds good. How about Platform?
With the stockmarkets not performing either, no money to buy the bundled mortgages off the lenders money will get tight. I too wonder how some of the Building Societies are doing or some of the really small regional lenders? Will they get gobbled up by the big boys?0 -
I had heard the reason Future have such a backlog with Offers at the moment is because they're being so careful with everything they underwriting and only about 10% of business is being allowed to offer.0
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That is one way of explaining it. LOL0
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