RBSIP is back open for business
Royal Bank of Scotland Intermediary Partners (RBSIP) has emphasised it is open for mortgage business, and aims to get its appetite for lending back to 2007 levels.
Chris Pearson, director of intermediary mortgages at RBSIP, told roadshow delegates that although it was not clear exactly what stake the Government would have in the lender following its latest rights issue, which is underwritten by the Treasury, RBSIP would play a key role in ensuring mortgage availability for 2008-2009 and beyond.
He added that the move will start to stimulate a lot of competition in the market and produce decently priced fixed deals.
Pearson said: “As Libor comes down, we will see a re-emergence of the variable rate market. Mortgage business will form a pivotal part of what we are doing in the market. We have increased our lending and have more than doubled our market share in gross mortgage lending. That will remain strong this year and into 2009. We are here to lend into this market.”