Specialist lender closing down
Rooftop, the UK’s sub-prime lender, is closing down. Rooftop Mortgages is the specialist lender owned by Bear Sterns. Rooftop is a lender specialist in mortgages for borrowers who don’t fit a standard mortgage profile. Rooftop works with professional financial advisors.
Ginny Dorrow, Rooftop’s CEO, stated that due to deteriorating market conditions the company’s origination business has become unsustainable. She promised that Rooftop’s employees will be treated fairly and looked after in light of recent developments.
This does not bode well for first time buyers interested in applying for a mortgage. They might be forced to look into renting instead of buying a property. Areas such as Lewisham and Brixton could offer fair rent deals on two bedroomed properties.