Diamond Lifestyle, which handles loan applications for council tenants wanting to buy their home, says that sub-prime lenders are reducing lending fees and commissions.
The sub-prime market problems in the US are having a knock-on effect in the UK. The company is renegotiating its fee and commission arrangements with lenders and this should benefit the second half of this year. Diamond Lifestyle is reducing its admin costs and cutting out business where it can’t get an acceptable financial return. Management is also trying to generate more, and better quality, leads but this will take some time to show through. The shares returned from suspension on 31 July and perked up 0.125p to 4.875p.
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