Astra Mortgages to close to new business!

Published ¤ 11/06/2009

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The credit crunch is still having an impact in the mortgage arena. Today Astra Mortgages, the intermediary arm of Norwich & Peterborough Building Society, announced that they will not be accepting any new business from 24th June 2009.

Both Astra and N&P have always lent sensibly and run their businesses prudently within the resources available to them but the recent downgrading from Moodys is having an impact on wholesale funding and Astras ability to lend. The increased cost of funding has cut profits and limited Astras ability to expand lending. Although Fitch has subsequently confirmed N&Ps long term credit rating, N&P cannot see the wholesale funding market position changing soon and has decided that the Society will now focus on providing mortgages through N&P retail channels. N&P will however remain open for Commercial Mortgage business from intermediaries.
We understand that Astra plans to return to the market when conditions improve.

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