Compare Mortgage Rates from GE Money Against the Market starting at 3.96%

This is an important clarification: GE Money no longer offers new mortgages in the UK.

The company, a financial services division of General Electric, was a prominent specialist lender but has since been broken up and its various loan portfolios sold.

Note: "GE Money Home Lending" was the mortgage lender. Other companies with similar names, such as "West Bromwich Money," are separate, unaffiliated mortgage brokers.

Here you will find a historical review of GE Money, explaining what it was, what happened to its mortgage business, and the impact on its customer. You can also use our free mortgage-sourcing tool below to search for alternative lenders.

GE Money: A Historical Review

GE Money was the financial services arm of the US conglomerate General Electric (GE). In the UK, its mortgage division, GE Money Home Lending, was a major player in the specialist mortgage market, particularly in the 1990s and 2000s.

It was known as a "non-conforming" or "sub-prime" lender, meaning it offered mortgages to borrowers who did not fit the standard criteria of high-street banks. This included the self-employed (with "self-certification" mortgages), those with an impaired credit history, or people needing flexible underwriting.

About GE Money's Legacy

GE Money Home Lending operated almost exclusively through mortgage intermediaries (brokers). Its business model was based on providing finance for borrowers who had been declined by mainstream lenders, charging higher interest rates to compensate for the higher perceived risk.

The company was very active, but like many specialist lenders, it was severely impacted by the 2008 global financial crisis, which effectively shut down the market for non-conforming lending.

What Happened to GE Money Mortgages?

GE Money no longer exists as an active mortgage lender.

• Ceased Lending: As part of a global strategy to reduce its financial services exposure, GE Capital (the parent company) began winding down its operations. GE Money Home Lending ceased all new mortgage lending in the UK around 2015.

• Sale of Mortgage Book: The company's entire UK mortgage portfolio was sold off. In 2015, GE announced the sale of its UK mortgage book (worth billions of pounds) to several different investment firms and specialist lenders.

• Key Buyers: The main buyers of the mortgage portfolios included Kensington Mortgage Company (which at the time was controlled by Blackstone and TPG) and funds managed by Blackstone, TPG, and CarVal Investors.

• "Mortgage Prisoners": The closure of GE Money's lending business created a large number of "mortgage prisoners." These were borrowers left on their existing GE Money mortgage, often on a high Standard Variable Rate (SVR), who were unable to remortgage to a new lender. Because their original loans were on specialist terms (like self-certification or adverse credit) and lending criteria had tightened significantly after 2008, they could no longer pass the affordability checks of new lenders.

Alternative lenders to GE Money

GE Money's mortgage division was known for being a major lender in the specialist or non-conforming market before the 2008 financial crisis, offering mortgages to borrowers who did not fit the criteria of mainstream high-street banks. This often included self-employed individuals, those with complex income, or those with adverse credit history. They were also known for second-charge mortgages.

The modern lenders that offer the most similar products and services today operate in the specialist lending sector. They focus on manual underwriting and a more flexible approach to complex cases that fall outside standard criteria.

Current lenders that are considered most similar to the role GE Money once played include:

• Pepper Money: Explicitly identified as a specialist mortgage and second-charge lender that provides mortgages to customers "often overlooked by high street lenders".

• Shawbrook: Offers specialist finance, including residential, commercial, and buy-to-let property finance, and is known for its flexibility and premium experience for complex cases.

• Kensington Mortgage Company: A well-established specialist lender focused on borrowers with non-standard circumstances.

• Precise Mortgages: A specialist lender offering a variety of residential and buy-to-let products for non-standard criteria.

• Vida Homeloans: Another specialist mortgage provider known for catering to borrowers who need a flexible approach due to adverse credit or complex income streams.

Can you still apply for a mortgage with GE Money?

No. You can no longer apply for a new mortgage with GE Money.

• Existing Customers: If you have a mortgage that originated with GE Money, your loan is now owned and managed by a different company, most likely a specialist servicer or a lender like Kensington. You would have received correspondence notifying you of this change.

• New Customers: If you have a complex financial situation (such as prior credit issues or self-employment), you cannot apply to GE Money. You must instead speak to a mortgage broker who can place you with a modern specialist lender.

Get started here to begin a free, no-obligation chat with a mortgage broker who can help you find the best alternative lenders to GE Money and advise you on their products.