Speaking at the Pink conference, Aldermore Mortgages managing director Charles Haresnape (pictured) said there was the challenger bank aimed to start securitising next year.
Haresnape said lenders are increasingly raising funds in this way: “What will happen to lenders’ funding when the Funding for Lending Scheme finishes? I expect it to be replaced by securitisation.”
Next year will also see more lending through intermediaries, he said, because the Mortgage Market Review will limit the number of branch-based advisers: “As the market improves the percentage of intermediary advice will move in the brokers’ favour.”
In future, the mortgage market is likely to see the return of near-prime products aimed at borrowers who experienced credit blips during the recession, Haresnape predicted, as well as specialist products for borrowers with multiple incomes, who might be excluded by mainstream lenders’ credit scores.
However, he said self-cert will never return.
Pink network director Mark Graves said there was an “incredibly positive” atmosphere at the conference: “Intermediaries are playing an ever increasing role in the mortgage market and this will only increase with the introduction of the MMR next April.”
