GE Money Home Lending outperforms market by almost two to one

GE Money Home Lending achieved impressive double digit growth in its core mortgage business during 2006, with significant volume generated through new and existing products and partnerships.

Colin Shave, CEO, GE Money Home Lending, said: “We are committed to continuing to grow our business in the UK and will work closely with our partners and networks to leverage the current opportunities in the marketplace, as well as exploring potential new opportunities as they arise.

“Our focus in 2006 was to grow our market share in our core mortgage business and we are particularly pleased to have finished the year with such significant momentum. GE Money Home Lending experienced 37% growth in like-for-like business volumes during 2006 and an impressive 47% in the final quarter alone.

“2006 was also a good year to be a GE Money Home Lending customer. In the 12 months to January 2007, the Bank of England Base Rate increased its Base Rate a total of 3 times. Despite this upward trend, many of our most popular fixed rate products remained static and we have recently committed to holding our fixed rates for a limited period, regardless of whether the Base Rate moves next week.

“As well as interest rate increases consumers have also experienced the challenge of strong house price inflation, making life more difficult for the average first time buyer. In addition to holding firm on rates in 2006, we also launched a series of new products - such as our 100% LTV deal – which have sought to help consumers step onto the housing ladder.

“2007 will be another important year for GE Money Home Lending as we continue to build upon the solid foundation of 2006. Our aim is to drive growth by continuing to provide our existing partners with attractive products, superior service and technology to help them meet the needs of their consumers.

“In addition, we intend to build upon our recent entry into the Buy to Let and direct to broker markets, broadening our reach and ensuring our products are available through different channels. This represents a further step towards diversifying our distribution network and offering within the marketplace. In addition, our research suggests that growth of the specialist mortgage market within the direct broker channel will outstrip general growth in this market by two to one.

“We are keen to have a significant presence in this channel, adding to the growing partnerships we have already established within the broker and packager industry. 2007 will see us develop this further, potentially working with selected networks and mortgage club partners as the year progresses.

“2006 was a good year for GE Money Home Lending. With the momentum we experienced at the end of the year and into the beginning of 2007, we believe we are well placed to benefit from the growth potential which is expected in this sector moving forward.”