Several new mortgage lenders to launch this year
Speaking during a debate on Wednesday, Legal & General Mortgage Club managing director Ben Thompson said discussions were taking place between his firm and a number of potential entrants.
“We are talking to a number of new lenders at the moment,” he told the audience.
“But it’s not a big number and one or two of them are what I would call marginal or niche lenders.
“The key development has been the relaxation of the rules for new entrants.
“I think that has been important as it has been very hard to get permissions in the last five years and this is starting to change.”
Myhomemove’s Dev Malle confirmed that his firm had also been in discussions with new lenders and David Finlay, head of intermediary lending at Barclays, added that he would welcome new competition in the market but warned they were unlikely to be major players.
“I would like to see more new entrants,” he said.
“I’m not sure it is easy for them, I don’t think there are many currently sitting with the Financial Conduct Authority looking for registration.
“If they do come in they will be players or operating in niche areas but I would welcome the competition quite frankly.”