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Network Data holds up new Homeowner Mortgages

7/01/2008

Network Data have postponed the introduction of its market-lending scheme.

The firm faults credit market status for the Board’s verdict to hold the new scheme. Several members of staff have recently been discharged; new statement this Monday confirmed this data.

The statement followed: “The Board reluctantly took the decision to halt its ongoing development in the light of conditions in the credit markets and no clear timetable of when the company would be able to commence operations as a mortgage lender.”

Grenville Folwell, Network Data chairman commented: “The Group’s core business, Network Data Ltd, continued to perform well. With gross mortgage lending in 2007 expected to be circa £360bn, a 5 per cent increase on 2006, the new mortgage business generated by NDL during the year has seen a double-digit increase."

Network Data states it wants to reappear the new instigate when market conditions change, maybe in mid 2008 or more then likely in 2009.

The new arrangements were forwarded after Network Data in November confirming it was affecting the mortgage backing arrangements for all new Homeowner Mortgages.


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