B&B withdraws Mortgage Express loans from Moneyfacts

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by Gill Montia

The UK’s leading buy-to-let lender, Bradford & Bingley (B&B), has withdrawn its Mortgage Express range of loans from price comparison website, Moneyfacts.

According to a report in The Times, interest rates on Mortgage Express deals have risen to a point where the loans are no longer competitive.

However, the loans will remain available through a number of mortgage brokers and B&B maintains that the move will enable the bank to better manage its volume and flow of sales and improve credit quality.

Despite yesterday’s rescue of B&B’s £400 million rights issue by its leading shareholders and High Street banks, the future of the business is far from secure.

B&B specialises in buy-to-let and self-certified mortgages and rising arrears are denting its profits.

Once the fundraising is completed the bank could become a takeover target with potential bidders showing interest in its retail deposits, which stand at £21 billion, and its 197-strong branch network.