You are here: Home - Mortgages -

Wonga confirms mortgage market launch “some way off”

0
Written by:
21/08/2012
Wonga.com has denied plans to make a move into mortgage lending and money transfers anytime soon, after a story in The Telegraph suggested the payday loan lender was gearing up for the move.

The story suggested the payday lender had big plans for the UK payments and credit markets, including a launch into the “broken” mortgage market.

The Telegraph reports Errol Damelin, Wonga’s chief executive, saying: “You will absolutely see Wonga in areas where the traditional financial services players don’t deliver good value. We’ll do other stuff like payments and savings. We’ll probably do mortgages at some point. The mortgage market’s broken in the UK. It’s inefficiently priced,” he said.

In response, a spokeswoman for Wonga said: “As part of our strategy for growth we look at everything that touches modern financial services, both in the UK and in new markets. Any products that we do decide to launch will use our existing and proven technology. We won’t rule anything out, but any entry into the mortgage market would be a considerable way off.”

Wonga.com, which charges interest rates of 4,000% plus, was criticised in May this year for threatening to report defaulting customers to the police for fraud.

The OFT said Wonga had acted “without appropriate justification” in making the threats in calls, letters and emails to customers and could face fines of up to £50,000 if the poor conduct continued.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2200060-money-toy-house
Only 4 days a year spent safeguarding the future

Britons need to seriously review their finances and prioritise neglected protection, Bright Grey has urged.

Close