Alliance & Leicester (A&L) says it is now very near to launching its non-conforming mortgage ranges.
The bank confirmed the launch this morning in a trading statement to the City, while also reporting gross mortgage lending was up to £3.2bn with net lending up to £1.4bn for the first quarter of 2006. The bank announced last summer it intended to launch sub-prime, near-prime, self-certification and buy-to-let mortgages through intermediaries and has also confirmed it has signed an agreement with Lehman Brothers to sell on books of business it builds up in the non-conforming market. Mehrdad Yousefi, head of intermediary mortgages at A&L, says: "We are very excited to be nearing our launch...
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