Blemainfinance.co.uk

Blemain Finance, formerly a significant player in the UK specialist mortgage market, ceased lending and entered administration in 2019. While the website blemainfinance.co.uk still exists, it primarily serves as a portal for existing customers and relevant stakeholders to access information related to their accounts and the ongoing administration process. The company’s history stretches back several decades, during which it built a reputation for providing bridging loans, second charge mortgages, and complex mortgages to individuals and businesses often underserved by mainstream lenders. They catered to borrowers with less-than-perfect credit histories, those seeking short-term finance, or those with unique property investment opportunities. This focus on specialist lending came with higher interest rates and fees compared to standard mortgages, reflecting the increased risk involved. Before its demise, Blemain Finance operated under various brand names, including Together Personal Finance, and formed part of the larger Together Financial Services. They were known for their flexible lending criteria and their willingness to consider applications that fell outside the standard parameters of traditional banks and building societies. This flexibility made them a popular option for property developers, landlords, and individuals needing quick access to capital. However, the company faced increasing scrutiny and regulatory pressure in the years leading up to its administration. Concerns were raised about their lending practices, particularly regarding the affordability assessments applied to borrowers. The Financial Conduct Authority (FCA) also focused on the transparency of their fees and charges. These pressures, combined with broader market challenges, ultimately contributed to their financial difficulties. The administration process, overseen by administrators, aimed to recover as much value as possible for creditors. This involved managing the existing loan book and seeking to recover outstanding debts. For borrowers who had taken out mortgages with Blemain Finance, the administration process meant dealing with the administrators regarding their loan repayments and any potential restructuring options. Today, blemainfinance.co.uk acts as a resource for those affected by the administration. It provides contact information for the administrators, updates on the progress of the administration process, and answers to frequently asked questions. Borrowers can typically find information about their loan accounts and how to make payments. It’s important to note that Blemain Finance is no longer actively lending. The website is primarily a historical archive and a tool for managing the wind-down of the business. Anyone considering borrowing should not mistake it for an active lender offering new mortgage products. Instead, they should seek advice from independent financial advisors and compare options from currently operating lenders. The legacy of Blemain Finance serves as a case study in the risks and complexities of the specialist mortgage market and the importance of responsible lending practices.