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Mortgage lender enters specialised market

Wed, 01 Mar 2006

This week has seen the introduction of a new range of mortgages by Alliance &Leicester, which will be offered through mortgage intermediaries.

Covering poor credit mortgages in the sub- and near-prime sectors, as well as deals for self-certification customers and buy-to-let investors, the move is the first part of the mortgage lender's plans to enter a variety of specialist mortgage fields this year.

"For some time we have been examining the potential to move into new markets and become a broader based lender," comments Stephen Leonard, director of mortgages at Alliance &Leicester.

He says this expansion follows "great performance" by the mortgage lender in 2005.

Mr Leonard also noted that the changes come during a time of economical stability, when the housing market is "robust" and when interest rates are "historically low".

The specialised mortgage offerings are hoped to fulfil the needs of mortgage intermediaries, of whom two-thirds said they would like to see more competitive pricing.

In an Alliance &Leicester survey, over half of mortgage intermediaries called for better value buy-to-let mortgages, self-certification deals and poor credit mortgages in the sub- and near-prime markets.

"We are responding to customer needs and our entry into these markets will help brokers offer good value mortgages to their clients," says the head of intermediary mortgages at the lender, Mehrdad Yousefi.

"Although these mortgages may not be suitable for all borrowers, this move should help to meet the growing demand for these products."

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