Another lender closing doors to new business

homer_j_3

Amber homeloans are no longer accepting new business

Changes in the lending market over the last six months have led Amber Homeloans to form a new business strategy to secure its future as a leader in the niche lending sector. Key to this is its decision to withdraw from new lending and instead concentrate on managing the company’s existing portfolio of loans.

Gordon Jolly, managing director, said, “Amber was created six years ago as a specialist lender, with the aim of building its business through the origination, buying and selling of mortgage assets. Thanks to a fantastic team, we’ve been phenomenally successful at this and, even though it was never our intention to grow beyond a certain size, now have a balance sheet of £1.5 billion. However, many of the ways in which we temper our level of risk are currently closed to us, such as securitisation and asset trading, and so we’ve decided it’s time to pause for breath and wait until the market returns to more normal conditions.”

Amber will be honouring all of its pipeline business and notifying brokers of the withdrawal of its products along with notice of when final applications will be accepted. The business will then concentrate on administering its existing loans, led by Paul Gittins who is currently finance director.

As Amber is part of the Skipton Building Society Group, there will be opportunities for the majority of affected staff to take up positions with other subsidiaries, such as Homeloan Management, or the Society itself. Managing director Gordon Jolly will be taking a role on Skipton’s operational board as general manager responsible for the Society’s credit and lending function.

UK007BullDog

Hey Homer,

You are an hour too late http://forums.moneysavingexpert.com/showthread.html?t=778963


:beer:

homer_j_3

oops
looked through first page and didnt spot anything, thought it had only just been announced as I had just been called by BDM.

my apologies