New Bank Launches on Base Rate Announcement Day – 7 April 2011

Welcome to MFB-TV on Thursday 7th April. Today the Bank of England makes an announcement, or perhaps doesn’t make an announcement on Base Rate. No move is expected today. The first real opportunity is May when the quarterly inflation report of Q1 is out and it will also be Andrew Sentence’s last appearance on the MPC. Perhaps all of his cries for an increase in Base Rate will finally be met in the May announcement. Elsewhere in the market today, a new bank as decided to launch itself and perhaps it’s no coincidence that they do it on Base Rate announcement. This is Whiteaway Laidlaw Bank which was bought out of Manchester Building Society earlier this year by RBS Equity Partners. They are making a big play for the investment space and will have new offerings at 75 per cent loan to value for commercial investment, mixed commercial and residential investment and residential investment including HMOs. Lending at 75 per cent, it puts a new marker down for the likes of Paragon and Aldermore and they have an innovative stress test that really helps those low yielding properties get going. If you are faced with refinancing at the moment, at the behest of your bank, do give us a call now on 0845 345 6788.

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