According to This Is Money, Alliance & Leicester surpassed analysts’ forecasts of GBP580 million. Its mortgage service, which operates in both prime residential and specialist mortgage markets, generated GBP12.6 billion of gross lending and a total net lending of GBP4.9 billion.
In a bid to build on this continued success, Alliance & Leicester is to launch Plus Mortgage, a combination of a mortgage with an element of unsecured lending. It offers high credit quality customers, with no deposit, the opportunity to purchase a house. The new product is anticipated to launch during the second quarter of 2007. At first, it will be available only through mortgage intermediaries, with a planned rollout to the bank’s direct channels coming in due course.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: Following a strong net lending performance in 2006 we will continue to develop our mortgage business. We have seen strong growth in our specialist mortgage area with the launch of buy-to-let, self cert and non prime in 2006.
