We’re not expecting more lenders to exit, but there may be consolidation – L&G Mortgage Club

Speaking on Specialist Lending Solutions Television in association with Together, Legal and General Mortgage Club and packager 3MC said they had no expectation of more lender departures.

However, there was a suggestion that further consolidation could take place, in addition to the merger of Charter Court and One Savings Bank.

L&G Mortgage Club head of lender relationships Danny Belton said it was never nice to see lenders leaving the market, but that there did not appear to be systemic problems.

“My research that I’ve done with lenders suggests we hope we are not likely to see any more [departures], however consolidation is very much possible,” he said.

“There’s the well documented merger between Precise and One Savings Bank. Could there be others? Quite possibly.”

He added: “I’m not picking anything up that suggests we’re in for an issue that could see a number of lenders leave the market all of a sudden.”

Doug Hall, director of 3MC, added his support to this view, noting: “I don’t think there’ll be any concerns about lenders exiting the market. There’s plenty of business to go around.”

The panel is:

Danny Belton, head of lender relationships at Legal and General Mortgage Club

Nicola Firth, CEO of Knowledge Bank,

Doug Hall, director of 3mc

Richard Tugwell, group intermediary relationships director at Together

Owain Thomas, editor of Specialist Lending Solutions (chairman)

See all five parts of the video debate discussing the biggest issues in the sector

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