Halifax exits self-build mortgage market

One of the UK's biggest mortgage lenders, Halifax, has announced it is to withdraw from the self-build mortgage market due to a fall in demand from borrowers.

Self-build mortgages, will continue to be offered by Lloyds Banking Group through its BM Solutions brand, via brokers only.

Regarded as a niche area of the mortgage sector, self-build mortgages have made a gradual return to the market since the peak of the financial crisis, with twenty-eight lenders currently offering such deals, compared with twenty-two in January 2010.

The news follows Halifax's announcement last week that it would be closing up to 170 of its branches across the UK, resulting in a large number of job losses. The move is believed to be part of an ongoing cost-cutting programme by the bank.

Read the full story here: http://moneyfacts.co.uk/news/mortgages/halifax-exits-self-build-mortgage-market22113/

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