Kensington pulls out of the second charge market

[mikebdomain]

Kensington Mortgages
As of 5.30pm tonight Kensington Mortgages is pulling out of the second charge market, this was announced to brokers at lunch time today. All second charge loans that have not been offered their loan by 5.30 today will not be honoured.

Victoria Mortgages
Specialist lender Victoria Mortgages has gone into administration because of the volatile sub-prime market, meaning some of its customers will be unable to complete... The group, which lends money to people with bad credit records as well as the self-employed, said its funding had been removed.

Infinity Mortgages
On a better note Infinity mortgages whisper is that; their new funding will be in place by the end of this week with new sub prime products and rates.


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[MelanieGiles]

Mike

I have a client who is currently in the process of remortgaging with Victoria! Does this mean that the deal will be off?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
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See customer feedback at:
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[mikebdomain]

Melenie

I would get them to contact their broker straight away

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LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
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Please read our Initial Disclosure Document(IDD):
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[mikebdomain]

They have gone to administration already - so I should imagine none of their deals will complete.

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
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[MelanieGiles]

Someone was just telling me that GMAC may be looking to take over the book - so we live in interesting times!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[mikebdomain]

Gmac have approached the FSA and stated that they will complete Victorias deals - interesting times indeed...

FREE ADVICE IS THE BEST ADVICE

LEYBRIDGE LIMITED
Mortgage Broker
Specialising in adverse credit.

see feedback and testimonials at:
http://www.leybridge.com/testimonial.php
Check out my blog at:
http://mikebdomain.blogs.iva.co.uk/
Please read our Initial Disclosure Document(IDD):
http://www.leybridge.com/Leybridge-IDD.pdf

[Adam Davies]

Hi
All this activity in the sub prime market doesn,t bode well for those looking to remortgage in the next few months for equity releases,as part of their IVA agreement.Lets hope that creditors understand that some people may find it difficult to get funding at a reasonable rate and lets hope that the maximum remortgage to 60% of disposibe income is adhered to.
regards

Andy Davie
IVA.co.uk Spokesperson

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