Bradford and Bingley Announce Loss
Bradford & Bingley (B&B), the buy-to-let loans specialist, has reported a loss for the six months to 30 June, with impairment charges up sharply.
B&B reported a loss of £26.7m for the period, against a £180.4m profit last year, and said it remained "cautious".
An £18m provision was needed to cover the extent of mortgage fraud, which pushed up the lender's Credit impairment charges for the six months to £74.6m, up from £5.3m in the same period last year.
B&B reported a loss of £26.7m for the period, against a £180.4m profit last year, and said it remained "cautious".
An £18m provision was needed to cover the extent of mortgage fraud, which pushed up the lender's Credit impairment charges for the six months to £74.6m, up from £5.3m in the same period last year.