Across Britain, smaller players in the $1.77 trillion mortgage market are seeking out niche segments and taking on more risk as they try to compete in a price war with the biggest banks by ReutersLawrence iainwithers
Along with Nationwide Building Society, the No 2 mortgage provider which has made a push into lending to older customers, those six lenders have held 70 percent of the market since 2009, according to data from UK Finance.“Later life lending is a fast growing sector which, given UK demographic trends, we believe has the potential to grow into a material part of the market,” said Henry Jordan, Nationwide’s Director of Mortgages.
A HSBC spokesman said the bank’s strategy to expand in British home loans had been set in 2015, adding its strategy “remains positive for consumers”. Santander said it was focussed on “sustainable growth” and had a conservative approach to risk.Britain’s central bank has acknowledged that the regulations separating the big banks’ retail and investment banking operations were partly to blame for the price war, but said the effects were ‘manageable’ for now.
The twin forces of competition and Brexit, however, have impacted the lender. Despite voting by nearly 70 percent in favour of leaving the EU, earning Stoke the nickname Britain’s ‘Brexit capital’, uncertainty over when and how the UK will depart has prompted some locals to delay buying a house. The retirement interest-only mortgage offered by Hanley Economic is aimed at older borrowers struggling to get a standard mortgage or to repay existing interest-only loans.
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