News
MBS Lending stops accepting new applications
Adverse and near prime lender MBS Lending has withdrawn its entire range of products and will not accept any new applications from today.
The lender, a subsidiary of Melton Mowbray Building Society, said it had withdrawn its product range after filling its tranche of funding.
The adverse lender accepted applications from clients with missed payments, IVAs, CCJs or bankruptcy orders.
MBS Lending confirmed to Mortgage Solutions that it had filled its lending quota for the year but did not rule out new funding becoming available before the end of 2013.
Mortgage applications still being processed by the lender will be completed but no further cases will be accepted.
Intermediaries will still be able to submit prime cases to Melton Mowbray Building Society using its intermediary arm.
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A representative for the lender said: “We have removed all products from our range after filling our current quota.
“Products may return in future but we have no news as yet.”
Dale Jannels, managing director at All Types of Mortgages, said he was sad to see a lender exiting the market.
“There’s a lot of volume in this market but the majority goes to GE Money and Precise. MBS had been very quiet,” he said.
“MBS filled a niche in that they would deal with bankruptcies and IVAs, which GE and Precise don’t do. It is sad to see a lender going as we don’t want anyone leaving the market at the current time.”