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Mortgage approvals fall by 10,000

Bobby wrote; "Something has to give and very soon otherwise there will be no mortgage brokers left trading by the end of 2010" Sorry to tell you Bobby, but that is just what they want. My view is that mortgage regulation was always a conspiracy by lenders, FSA and government to kill off the intermediary. I remember comments on this site and in the magazine by intermediaries pre 2004 saying such things as "we must embrace regulation" and "regulation will be the best thing that could happen to us" and many many more naive observations. Well, eat those words; high costs of registration, increasing costs and decreasing revenues, networks going bust taking much needed income from brokers and the FSA doing nothing to protect that income, high handed policing of brokers and not of banks &lenders, brokers losing their independence etc. etc. Oh, and by the way, there's the important point of lenders charging huge fees, mostly what they want and paying intermediaries a pittance, to be sure they will drive you and me out, that's exactly what they want.....

23 Feb 2010

12:27 pm