Buy-to-let let up pauses bank's performance

Buy-to-let let up pauses bank's performance

Friday, June 27, 2003

Mortgage lender and former building society Bradford & Bingley has reported a stalled first-half performance as a result of a drop in mortgage volumes.

B&B specialises in buy-to-let mortgages and investment products, both of which have been lagging. The company said "the drop in transaction volumes, in both the housing and investment markets" had adversely affected its performance.

However, In other lending areas B&B has increased market share. Even so, the bank said its interim profits would be slightly below the £135 million seen in the same period last year. The company also reported that the credit quality in all its mortgage portfolios continued to improve.

Chief executive Christopher Rodrigues said: "Our business performance has been underpinned by record growth in quality selective lending and increased mortgage broking revenues.”

“These have largely offset the impact of a slow housing market and a decline in demand for investment products."

“Our success in mortgage broking allows us to focus on selective lending and provides a strong business model in the highly competitive UK mortgage market.”

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