Alliance and Leicester has withdrawn its Plus Mortgage range following a year which saw the credit crunch wipe 30 per cent from its profits . Having already decreased the maximum loan to value mortgage on offer from 125 per cent to 90 per cent, the lender is now looking to be extremely selective in granting new mortgages .
Whilst their focus will switch to commercial banking and attracting more current account customers, the bank still has an existing 450,000 mortgage customers, though 100,000 of these will see their deals expire this year. Whilst the bank isn’t looking to be as forthright in the mortgage market as they have been, the lender has reportedly commented that they hope to keep around 70,000 of those whose deals expire this year.
The move will see Alliance and Leicester’s share of the mortgage market decrease, having attained an impressive 4.4 per cent share of the market in 2007 with £4.8 billion of net mortgage lending .
Alliance & Leicester Withdraws Risky Home Loan Range
Alliance & Leicester Withdraws Risky Home Loan Range
Mon, 25 Feb 2008
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