Mortgage Strategy
28 November 2011
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10-Year fix available up to age of 75
28 November 2011
National Counties Building Society has launched a 10-year fixed rate mortgage for customers up to the age of 75.The product has a rate of 4.19% and is available to borrowers who need to borrow no more than 25% of the value of their property.The mortgage, which is available through brokers, has a completion fee of £1,495 and a £100 reservation fee.Customers must have a minimum property value of £200,000 and can borrow a maximum of £250,000.
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A dose of reality on house prices
28 November 2011
If we compare conditions during the price boom between 2000 and 2007 to the current litany of economic challenges, we must accept that it will be a long, hard struggle to regain 2007 levels
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Arrears likely to rise by at least 20%
28 November 2011
Arrears could increase by more than a fifth even if the economy slowly recovers and interest rates rise gradually, according to Standard & Poor’s.
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B2L boomers
28 November 2011
As buy-to-let sees a rush of new entrants, our industry experts debate whether the sector will be the housing market’s saviour or if this is just the beginning of an unsustainable expansion
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Banks jointly launch prime RMBS
28 November 2011
Clydesdale Bank and Yorkshire Bank have issued their second securitisation in as many months.
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Barclays told to review underwriting processes
28 November 2011
The Information Commissioner has urged Barclays to review its underwriting practices after possible breaches of the Data Protection Act.
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Brokerage fined £28,000 for poor sales practices
28 November 2011
The Financial Services Authority has fined a non-advised mortgage firm for inappropriate bridging sales just a week after warning against such practices.
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Caption Competition
28 November 2011
Chris Fairfax (right) and Daniel Hornblow (left) from packager Positive Lending do their bit for Movember
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Caption Competition: Last Week's Winner
28 November 2011
“It beats the cuddly teddy you normally win at the Tin Can Alley.”
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Dates for your diary ...
28 November 2011
December 7CML annual dinnerThe Council of Mortgage Lenders is holding its annual dinner at the Westminster Gardens on Victoria Embankment, giving guests the opportunity to network and kick off the festive season with colleagues and clients.December 8MPC meetingThe Monetary Policy Committee sets the base rate for the final time this year. It will also make its decision on quantitative easing.
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Don't treat renters as second-class citizens
28 November 2011
John Heron, managing director, Paragon Mortgages
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Gilt rises could add billions to mortgage repayments, says Osborne
29 Nov 2011
A 1% rise in UK gilts would add £12bn to households’ mortgage interest repayments, chancellor George Osborne claims.
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Housing starts in 95.5% nosedive over six months
28 November 2011
There were only 1,746 housing starts in the six months to September - a 95.5% drop from the 39,136 starts in the preceding six-month period, figures from the Homes and Communities Agency reveal.
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HSBC unveils 90% fee-free deal
28 November 2011
HSBC launched a fee-free 90% LTV two-year discount deal at 3.84% last week.
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Lack of trust in banks makes RMBS attractive
28 November 2011
The UK mortgage securitisation market is more attractive now than ever before, industry experts claim.
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Lenders doing their bit with high LTVs
28 November 2011
A number of lenders have recently widened their mainstream residential and buy-to-let ranges with a hike in LTVs available through branches and brokers.
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Lenders prepare for battle in retail arena
28 November 2011
GARY STYLES, STRATEGY, RISK AND ECONOMICS DIRECTOR, HOMETRACK
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Lenders to charge 80% LTV rates for MIG scheme deals
28 November 2011
The government is planning for lenders to charge 80% LTV rates on the 95% LTV deals they will offer through its mortgage indemnity guarantee scheme.
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Lloyds TSB offers FTB scheme via six councils
28 November 2011
Lloyds TSB has launched its 95% LTV Local Lend a Hand scheme through six local authorities and is planning launches with several more for the new year.
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Marketwatch
28 November 2011
Swaps didn’t move much last week. Five-year money edged down slightly but we have seen next to no change in short-term swap rates in the past couple of weeks.
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MIG scheme is a step in the right direction
28 November 2011
Richard Sexton, Business Development Director, E.SurvDelete
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MPC member calls for tax changes to make system fairer for rentals
28 November 2011
External Monetary Policy Committee member David Miles says the tax system favours home owners over renters and suggests policy makers look at ways of addressing this distortion.
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MPC minutes warn of eurozone effect
28 November 2011
The minutes of November’s Monetary Policy Committee meeting warn that the economy is still in danger from the eurozone crisis.
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MS Leader: New-build needs energy shot
28 November 2011
HSBC, the lender brokers love to hate, last week kicked the higher LTV market into another gear with the launch of its no-fee 90% LTV 3.84% discount deal.
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Nationwide credits strong products and service for 48% rise in lending
28 November 2011
Nationwide has attributed a 48% increase in gross mortgage lending this year to competitive product launches and its customer service offering.
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Osborne does a Gordon Brown impression in gloomy statement
29 Nov 2011
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Osborne raises bank levy for third time
29 Nov 2011
The government is raising the bank levy from January 1 2012 for the third time since it was introduced.
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Paragon Group on the hunt for loan portfolios
28 November 2011
The Paragon Group of Companies is on the acquisition trail for further loan portfolios, according to its results.
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Regulation will be good for B2L
28 November 2011
Opinions at the Mortgage Business Expo were divided on whether the buy-to-let market should be regulated, but given that fears over repossessions and defaults are unfounded, it could be the most effective way to improve the sector’s reputation
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Safe as houses
28 November 2011
The eurozone crisis, dwindling faith in unsecured lending and regulatory changes are prompting investors to view UK RMBS as a place of relative safety, says Samuel Dale
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Securitisation is not the root of all evil
28 November 2011
Banker bashing has become an unofficial pastime for pretty much anyone not directly associated with the City in the UK over the last three years.
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Shadow of negative equity falls on indemnity scheme
28 November 2011
The government last week came out with its housing strategy report, in which it outlined its mortgage indemnity guarantee scheme to boost the number of borrowers buying new-build property.
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The Mortgage Mole
28 November 2011
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Time King had a modern court
28 November 2011
As the Independent Banking Commission’s final report nears publication, there is evidence to suggest the multitude of problems with the UK’s banking system can be traced back to Threadneedle Street and the thorny question of who really calls the shots in a financial crisis
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Top of the League - November
28 November 2011
This month’s winner is Peter Simpson, managing director of Leicester based brokerage Mortgages Made Easy
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US-style downward spiral predicted
28 November 2011
The UK housing market could enter a vicious cycle similar to that in the US, where falling house prices will destroy equity and create a further downward pressure on prices, according to Capital Economics.
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Voxpop: What do you think of the government's guarantee scheme?
28 November 2011
The mortgage and housing markets have been calling on the government to kick-start them for sometime. But the launch of the government’s housing strategy last week received a lukewarm reception. Many have accused the scheme of lacking detail and encouragin unaffordable lending to first-time buyers as well as failing to help existing home owners.
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Why the MIG scheme is a no-no
28 November 2011
Having chastised mortgage lenders for having a lax attitude to risk, the government’s mortgage indemnity guarantee scheme should feel like a slap in the face. The gamekeeper seems suddenly keen to subsidise as many poachers as possible.
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Work with clients to dispel housing myths
28 November 2011
Last week I listened to a debate on Radio 2 about home ownership versus renting.
