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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

Bradford & Bingley secures essential investment

02/06/2008

The UK`s largest buy-to-let mortgage lender has secured a financial investment from a major private equity house after it revealed a large slump in its profits.

Bradford & Bingley announced that underlying profits for the first four months of 2008 amounted to £56 million - compared with £108 million in 2007, triggering fears of a Northern Rock-style meltdown.

However, the UK`s eighth-largest bank has moved fast to quell such fears, allowing US investor Texas Pacific Group to take a 23 per cent in the company, providing £258 million of new capital.

The BBC reports that the Yorkshire-based bank has been left exposed by the credit crunch in recent months.

Meanwhile, the boss of Bradford & Bingley has resigned over the weekend "due to a serious cardiovascular condition".

Chief executive Stephen Crenshaw has left the company with immediate effect, with chairman Rod Kent stepping into the position in the short-term.

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