Specialist lenders pull out of the market
Two specialist lenders have withdrawn from the market after struggling to find new funding.
Fleet Mortgages and Amicus Finance have both stopped lending, while Secure Trust is likely to pull out of the residential lending market.
Fleet is a specialist buy-to-let lender and withdrew it's products after it completed £400 million of mortgage loans more quickly than it anticipated. It is waiting for a new funding line to be agreed.
Amicus was known for offering generous development finance terms, but it has gone into administration after it could not get new funding from its investors.
Secure Trust was actively pushing to attract self-employed borrowers and had some particularly generous income stretch mortgages, but the bank is planning to pause residential lending because of high levels of competition and shrinking profit margins.
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